economy
March 12, 2026
Three more ships struck in the Persian Gulf as Iran warns of oil prices hitting $200
The latest incidents in or near the Strait of Hormuz come shortly after Iran warned the world to prepare for $200 oil prices.
TL;DR
- Three foreign ships were struck in the Persian Gulf overnight.
- Attacks have intensified near the strategically vital Strait of Hormuz.
- Iran warns oil prices could reach $200 a barrel due to regional instability.
- A container ship was struck near Jebel Ali, causing a small fire.
- Two foreign oil tankers were hit near the port of Umm Qasr in Iraqi waters, with one fatality reported.
- Shipping traffic through the Strait of Hormuz has significantly reduced following U.S. and Israeli airstrikes on Iran.
- Iran's new Supreme Leader stated the Strait of Hormuz must remain closed and called for U.S. military bases in the Middle East to close.
- Oil prices (Brent crude and WTI futures) traded sharply higher.
- The IEA announced a coordinated release of 400 million barrels from emergency reserves.
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