The third week of the Middle East conflict brought no relief for global consumers Thursday as oil prices remained high near $100 a barrel and Iranian military strikes continued to disrupt energy supply across the Gulf region. The cost of fuel, heating, and a wide range of goods linked to energy prices is rising sharply in countries from Japan to Germany, adding a tangible human dimension to what might otherwise seem like an abstract market event. There is no clear timeline for when conditions might improve.
Iranian forces struck fuel tanks in Bahrain, oil tankers near Iraq’s ports, merchant ships near the Strait of Hormuz, and facilities adjacent to Oman’s Mina Al Fahal terminal. The Thai-registered Mayuree Naree was among the vessels hit, with three crew members reported trapped. Iraq shut all crude export ports and Oman evacuated its main terminal.
Brent crude gained 9% Thursday to briefly touch $100.29 before settling at $98, up about 6%. West Texas Intermediate rose 8.6% to $94.75. Oil has surged from $60 at the year’s start to a peak of $119. Iran’s military warned of $200 oil. The Strait of Hormuz has been closed since February 28.
The IEA released 400 million barrels of emergency crude from 32 member nations. The US contributed 172 million barrels from its Strategic Petroleum Reserve. Despite the record intervention, prices remained elevated. President Trump pledged to press ahead with the military campaign against Iran.
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 gained 7.7% for a second consecutive day.