Oil prices climb as tankers are attacked in Iraqi waters amid West Asia conflict
The Hindu
Oil prices surge as Iranian attacks on tankers in Iraqi waters escalate tensions amid the ongoing West Asia conflict.
Oil prices climbed on Thursday (March 12, 2026) after Iraqi security officials said Iranian explosive-laden boats had hit two fuel oil tankers amid other global supply disruptions from the U.S.-Israeli war on Iran.
Brent futures rose $5.69, or 6.19%, to $97.67 a barrel at 0118 GMT, and U.S. West Texas Intermediate (WTI) crude was up $5.11, or 5.86%, to $92.36.
Iran-Israel war LIVE updates
Two foreign tankers carrying Iraqi fuel oil were hit by unidentified attackers in Iraq’s territorial waters, causing them to catch fire, the director general of the General Company for Ports, Farhan al-Fartousi, told Reuters on Wednesday (March 11, 2026).
An initial investigation from Iraqi security officials showed explosive-laden boats from Iran had hit the two tankers.
“This appears to mark a direct and forceful Iranian response to the IEA’s overnight announcement of a massive strategic reserve release aimed at cooling runaway prices,” said Tony Sycamore, an IG analyst.
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Iran-Israel war: Follow the latest updates from The Hindu on the West Asia conflict and rising oil crisis on March 12, 2026
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