The latest developments in the Middle East oil crisis Thursday painted a grim picture: merchant sailors trapped aboard a stricken vessel, oil ports closed across the Gulf, fuel tanks burning in Bahrain, and Brent crude hovering near $100 a barrel. Each new development reinforced the sense that the conflict is inflicting damage on the global energy system at a pace that outstrips the capacity of emergency policy responses. The human cost of the crisis is becoming as visible as its economic toll.
Three crew members aboard the Thai-registered Mayuree Naree were reported trapped after their vessel was struck near the Strait of Hormuz. Iraq suspended all oil exports from its ports following attacks on nearby tankers. Bahrain placed residents in the Muharraq Governorate under shelter-in-place orders after fuel storage tanks were hit. Oman cleared its Mina Al Fahal export terminal of all vessels following drone strikes.
Brent crude gained 9% Thursday to touch $100.29 before settling at $98. West Texas Intermediate climbed 8.6% to $94.75. Oil has risen from $60 at the start of 2026 to a weekly peak of $119. The Strait of Hormuz has been closed since February 28. Iran’s military warned of $200 oil.
The IEA released 400 million barrels of emergency crude from 32 member nations — a record — while the US contributed 172 million barrels from its Strategic Petroleum Reserve. President Trump pledged to continue military operations. Energy Secretary Chris Wright accused Iran of deliberately threatening allied energy security.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned of stagflation risks. Japan’s Nikkei fell 1.6%, South Korea’s Kospi lost 1.2%, and European gas climbed 7.7%.