Oil prices surged above $100 per barrel following tanker attacks in Iraq and disruptions at a major port in Oman.

Oil prices surged in Asian trading on Thursday, climbing back above the key $100 per barrel mark as concerns mounted over energy supply disruptions tied to the ongoing conflict between the United States, Israel, and Iran.

Brent crude futures jumped more than 9% to $100.25 per barrel by 22:52 ET (02:52 GMT), while West Texas Intermediate (WTI) rose 8.8% to $93.67 per barrel.

Reports indicated that two international oil tankers were attacked in the northern Persian Gulf near Iraq and Kuwait. Videos circulating online showed the vessels on fire, with Iraqi media blaming the strike on Iran.

Separately, Bloomberg reported that Oman evacuated all ships from the major oil export terminal at Mina Al Fahal as a precaution following a series of attacks on vessels in the region.

These incidents suggest the conflict is spreading beyond the Strait of Hormuz, as the war entered its thirteenth straight day on Thursday. Attacks on tankers and port shutdowns intensified fears of supply disruptions, particularly after Iran warned that no crude oil would pass through the strategic waterway, which carries roughly 20% of global oil shipments. The country was reported to have already blocked traffic through the route earlier this week.

However, oil prices stayed below their weekly highs as several countries moved to counter potential supply shortages. Reports suggested the International Energy Agency was preparing to release a record 400 million barrels from strategic reserves. Meanwhile, Donald Trump said the United States would release 172 million barrels from its Strategic Petroleum Reserve to ease energy market pressures caused by the conflict.

Despite repeated claims from U.S. officials that the war could soon end, the fighting has shown little sign of easing. Oil prices had earlier surged to nearly $120 per barrel earlier this week.

Sources: Ambar Warrick