Reports of oil tankers near Iraq being attacked push oil prices up more than 6%

LootboxPhobia · 2026-03-11T23:58:05+00:00

On Thursday, Asian markets saw a sharp rise in oil prices as two oil tankers were attacked in Iraqi waters, with WTI crude futures rising to $91.58 per barrel. The attack heightened concerns that a war with Iran could disrupt supply. Despite the International Energy Agency and the United States planning to release strategic reserves to mitigate the impact, oil prices remained strong.

LootboxPhobia

2026-03-11 23:58:05

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Investing.com - During Thursday’s Asian morning trading, oil prices surged significantly after reports of two oil tankers being attacked in Iraqi waters, keeping the market highly alert to potential supply disruptions from a U.S.-Israel and Iran conflict.

As of 19:29 Eastern Time (23:29 Beijing Time), U.S. WTI crude futures rose 6.5% to $91.58 per barrel.

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Media reports indicate that two international oil tankers were attacked near the Persian Gulf off Iraq and Kuwait. Footage shared online shows the tankers engulfed in flames, with Iraq’s channel blaming Iran for the attack.

This attack marks the latest hostile action in the Iran conflict, which has now entered its thirteenth consecutive day on Thursday, with little sign of easing.

The attacks on the tankers have heightened concerns over supply disruptions caused by the war, especially as Iran warned that no oil would pass through the Strait of Hormuz, a critical shipping route.

Earlier this week, the country was blocking this passage — which accounts for about 20% of global oil supply.

However, due to intervention by multiple countries to offset potential supply shocks, oil prices did not reach their weekly highs. Reports indicate that the International Energy Agency is preparing to release a record 400 million barrels of oil from its strategic reserves.

U.S. President Donald Trump also announced on Wednesday that the U.S. would release 172 million barrels of oil from the Strategic Petroleum Reserve to help limit the energy impact of the Iran war.

Despite multiple statements from U.S. officials this week claiming the war is nearing its end, there are few signs of easing in the Iran conflict.

Earlier this week, oil prices surged close to $120 per barrel.

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