The surge followed ongoing air strikes by the United States and Israel on Iran, with no clear end to the conflict.
Iran reportedly carried out several retaliatory attacks across the region. A container ship was hit near the coast of Dubai, while a fire was reported close to the international airport in Bahrain.
Iranian forces also targeted a major oil field in Saudi Arabia using drones. In Iraq, authorities suspended operations at all oil terminals after an attack on the port of Basra along the Persian Gulf.
The conflict began after a joint strike by the United States and Israel on February 28. Since then, Iran has launched attacks believed to be aimed at causing economic disruption and putting pressure on its opponents.
Iran also holds strategic influence over the Strait of Hormuz, a key shipping route connecting the Persian Gulf to the Indian Ocean. Around one-fifth of the world’s oil supply passes through this narrow channel.
With shipping traffic in the strait severely affected, the price of Brent crude oil climbed by about nine percent on Thursday, pushing the cost above 100 dollars per barrel. Prices have risen roughly 38 percent since the conflict began.The surge followed ongoing air strikes by the United States and Israel on Iran, with no clear end to the conflict.
Iran reportedly carried out several retaliatory attacks across the region. A container ship was hit near the coast of Dubai, while a fire was reported close to the international airport in Bahrain.
Iranian forces also targeted a major oil field in Saudi Arabia using drones. In Iraq, authorities suspended operations at all oil terminals after an attack on the port of Basra along the Persian Gulf.
The conflict began after a joint strike by the United States and Israel on February 28. Since then, Iran has launched attacks believed to be aimed at causing economic disruption and putting pressure on its opponents.
Iran also holds strategic influence over the Strait of Hormuz, a key shipping route connecting the Persian Gulf to the Indian Ocean. Around one-fifth of the world’s oil supply passes through this narrow channel.
With shipping traffic in the strait severely affected, the price of Brent crude oil climbed by about nine percent on Thursday, pushing the cost above 100 dollars per barrel. Prices have risen roughly 38 percent since the conflict began.
