Six Ship Attacks in Persian Gulf, Strait of Hormuz Drive Oil Prices Over $100 per Barrel

Oil prices surged above $100 per barrel early Thursday following attacks on six tankers by Iran in the Persian Gulf and the Strait of Hormuz.

The most recent attacks, believed to be carried out by explosive-laden boats, targeted the tankers Safesea Vishnu and Zefyros in Iraqi waters, resulting in the death of at least one crew member and setting the vessels on fire.

The Islamic Revolutionary Guard Corps (IRGC) of Iran claimed responsibility for the attacks. A video released by the IRGC showed the burning Safesea Vishnu, with a man heard shouting pro-Iranian slogans in the background.

These attacks followed projectile strikes on four ships in the Strait of Hormuz since Wednesday, causing Brent crude futures to briefly exceed $100 per barrel before settling around $96.50 per barrel as of 7 a.m. ET.

President Trump's decision to release 172 million barrels of oil from the US Strategic Petroleum Reserve came in response to rising gas prices, which increased by an average of 60 cents per gallon nationwide following joint attacks by the US and Israel on Iran starting Feb. 28.

The IRGC warned that any vessel attempting to pass through the strategic Strait of Hormuz, a critical route for global oil transport, is at risk of attack. The US administration has offered political risk insurance to tankers in the region and is considering various options to ensure the strait remains open.

Multiple sources revealed that the US Navy has not yet agreed to escort tanker ships through the strait due to ongoing security concerns in the region.

Recent incidents include an unidentified projectile hitting a container ship near the United Arab Emirates, as well as attacks on the Thai-flagged Mayuree Naree and the Japan-flagged ONE Majesty. Crew members from the affected vessels have been reported safe, with efforts underway to rescue missing crew members.

Investigations are ongoing to determine the cause of the attacks on these vessels, with authorities working to ensure the safety and security of maritime operations in the region.