The world’s most critical oil shipping lanes are under sustained attack, with six vessels struck in the space of just two days as Iran escalates its campaign against energy infrastructure across the Persian Gulf and beyond.
Two foreign oil tankers in Iraqi waters were set ablaze in Iranian strikes, killing at least one crew member. Thirty-eight others were pulled from the water by rescue teams. Separately, three vessels were hit by projectiles near the Strait of Hormuz — the narrow waterway through which roughly one-fifth of all global crude oil passes — according to the United Kingdom’s maritime agency. A sixth ship, a container vessel off the coast of the United Arab Emirates, was also struck by an unknown projectile that caused a fire onboard.
The attacks were not limited to ships at sea. Emergency crews in Oman spent Thursday battling a fire at a fuel storage facility at a major port after footage geolocated by CNN appeared to show an Iranian drone hitting a storage tank. Iranian drone and missile strikes also targeted fuel storage facilities in northern Bahrain. In Dubai — one of the world’s busiest commercial hubs — a drone came down on a building near the upscale Creek Harbour neighbourhood in the early hours of Thursday morning. Gulf states intercepted further waves of Iranian drones and missiles across the region overnight.
The economic consequences of the maritime campaign were immediate. Oil climbed back above $100 a barrel overnight, extending a surge that has gathered pace since the conflict began.
In an attempt to contain the price spike, member nations of the International Energy Agency agreed on Wednesday to release 400 million barrels from their strategic reserves — the largest coordinated emergency release in the organisation’s history. Hours later, President Donald Trump authorised the United States to contribute 172 million barrels from its own Strategic Petroleum Reserve, with deliveries set to begin next week. Despite the announcement, oil prices continued to rise.
On the broader military front, Iran’s Revolutionary Guard Corps said it carried out a joint operation with Hezbollah on Wednesday, striking more than 50 targets across Israel over five hours. Israel responded with what it described as a wide-scale wave of strikes on Hezbollah infrastructure across Lebanon, including in Beirut.
Representatives of G7 nations met on Wednesday to discuss the possibility of providing naval escorts for commercial shipping through the affected waters, though no formal decision was announced, with officials saying escorts would only proceed when security conditions allowed.
Trump repeated his assertion that the United States has effectively won the conflict, telling reporters: “It’s just a question of when, when do we stop?” The comments came even as the geographic scope of the attacks continued to expand.
With emergency oil reserves now being mobilised and naval escort discussions underway, the coming days are likely to determine whether international efforts can stabilise shipping routes — or whether further escalation pushes energy markets into deeper disruption.
BREAKING: Just hours after Trump told Oil Tankers to enter the Strait of Hormuz, regardless of Iran's threats, an oil tanker is reportedly targeted and decimated by Iran in the Persian Gulf, just past the Strait of Hormuz.
— Ed Krassenstein (@EdKrassen) March 11, 2026
Trump's horrific advice may have just gotten people… pic.twitter.com/sIlztoUWW0
BREAKING:
— Visegrád 24 (@visegrad24) March 11, 2026
Iran just struck a large oil tanker in Iraqi territorial waters.
The vessel has been engulfed in flames pic.twitter.com/Tvg3lnkmNV
