Attacks on Cargo Ships in Gulf Push Oil Prices Back to $100 Per Barrel

Tensions in the Gulf have escalated following attacks on three cargo ships in the Strait of Hormuz, a crucial waterway for global oil trade.

The attacks, which occurred on March 11, 2026, involved projectiles or unexplained impacts that struck vessels, causing significant damage and raising fears of further instability in the region. One of the affected ships, a Thai-flagged bulk carrier, was reported to be on fire, leading to the evacuation of crew members for safety.

The attacks have led to disruptions in shipping traffic, as the Strait of Hormuz handles a significant portion of the world’s oil and gas shipments.

In the wake of these incidents, global oil prices surged, with Brent crude climbing back above the $100 per barrel mark, reflecting concerns over potential supply disruptions. The price surge was further compounded by a broad market downturn, as investors reacted to the rising risks in the Gulf.

Despite a coordinated release of 400 million barrels of oil from strategic reserves by the International Energy Agency (IEA), analysts warn that the situation remains volatile, and the oil market’s stabilization depends on the safe passage of shipments through the Strait.

The attacks are part of a broader escalation tied to ongoing regional conflicts involving Iran, which has threatened further disruptions to shipping and energy infrastructure. As the situation develops, the world watches closely, with oil prices expected to remain volatile in the short term.