Oil Price Breaches US$100 Per Barrel Again

Jakarta, CNBC Indonesia – Crude oil prices have breached US$100 per barrel again on Thursday, 12 March 2026, amid escalating tensions in the Strait of Hormuz.

According to Refinitiv data, Brent crude stood at US$110.02 per barrel at 11:31 WIB on Thursday, surging 8.7 per cent. Meanwhile, West Texas Intermediate (WTI) climbed to US$94.21 per barrel, up 8 per cent.

Today’s price surge extends gains from Wednesday’s trading, where Brent surged 4.7 per cent and WTI exploded 4.6 per cent higher.

Oil prices have escalated following Iran’s government warning the world to prepare for oil price spikes of up to US$200 per barrel, amid widening war escalation and severe disruption to international energy distribution routes.

The warning came after Iranian forces reportedly attacked merchant vessels in Gulf waters on Wednesday, 11 March 2026. The International Energy Agency (IEA) has agreed to release 400 million barrels of strategic reserves to mitigate the energy supply shock, described as one of the worst since the 1970s oil crisis.

“Prepare for oil to reach US$200 per barrel, because oil prices depend on regional security, which you have destabilised,” said Iranian military command spokesman Ebrahim Zolfaqari in a statement directed at Washington, according to Reuters.

Strait of Hormuz Tensions Escalate

Iran-affiliated boats laden with explosives allegedly attacked two fuel tankers in Iraqi waters on Wednesday, causing both to catch fire and killing one crew member.

This attack followed projectiles striking four other vessels in Gulf waters, according to port authorities and maritime security and risk management companies.

These latest attacks on vessels linked to the United States and Europe mark an escalation of conflict between Iran and US-Israeli forces, bringing the total number of vessels struck in the region since fighting began to at least 16 ships.

Shipping activity in the Gulf and along the narrow Strait of Hormuz – which carries approximately one-fifth of the world’s oil supply – has nearly stalled since the United States and Israel launched attacks on Iran on 28 February. This has driven global oil prices to their highest levels since 2022.

Iran’s Islamic Revolutionary Guard Corps (IRGC) previously stated that if attacks on Iran continue, they will not permit “a single litre of oil” to be shipped from the Middle East to the United States, Israel, or their partners.

US President Donald Trump warned that Washington will strike Iran more forcefully if it blocks oil exports. He also stated that oil companies should continue using the Strait of Hormuz because “almost the entire Iranian navy is already destroyed.”

The vessels targeted late Wednesday in the Gulf near Iraq were the Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros. Both had previously loaded fuel cargo in Iraq, according to two Iraqi port officials.

Iraq’s state oil marketing body SOMO stated that Safesea Vishnu was chartered by an Iraqi company with a SOMO contract, whilst Zefyros carried condensate products from Basra Gas Company. Both were attacked in a ship-to-ship loading area within Iraqi territorial waters.

Iraqi Oil Port Shut Down

Iraq’s oil port has completely halted operations following the attacks, whilst commercial ports continue to function, according to Iraq’s government news agency citing the head of the General Company for Ports of Iraq (GCPI).

The United Kingdom Maritime Trade Operations (UKMTO) reported that crew from one vessel had been evacuated and were safe.

“An Iraqi port authority vessel rescued 25 crew members from both ships, and fires continue aboard both vessels,” said GCPI Director-General Farhan al-Fartousi to Reuters.

Iraqi rescue teams continue searching for other sailors. A port security official stated they discovered the body of a foreign crew member at sea.

The commercial operator of Safesea Vishnu is Safesea Transport Group, with beneficial ownership by Safesea Group, according to Lloyd’s List Intelligence data.

The US-based companies have not immediately responded to requests for comment.

A source from an Iraqi port security agency told Reuters that Malta-flagged Zefyros provided crew name lists to the news agency.

Lloyd’s List Intelligence data shows its commercial operator is London-based Cygnus Tankers Limited, with beneficial ownership by the family-owned company group of George & Vassilis Michael, a significant player in the Greek shipping industry.

Cygnus Tankers has not immediately responded to requests for comment. Reuters has also been unable to immediately reach the beneficial owner.

Islamic Revolutionary Guard Corps: All Vessels Will Be Targeted

Iran’s Islamic Revolutionary Guard Corps has repeatedly warned that every vessel transiting the Strait of Hormuz will be targeted.

Two projectiles of unknown origin struck the Thai-flagged bulk carrier Mayuree Naree as it traversed the strait on Wednesday morning. The attack triggered a fire and damaged the engine room, according to operator Precious Shipping in a statement.

The company reported that three crew members are missing and believed trapped in the engine room.

Precious Shipping stated it is cooperating with relevant authorities to rescue the three crew members. The remaining 20 crew members have been successfully evacuated and are now in Oman.

Footage released by the Thai navy shows thick smoke emanating from the vessel’s stern.

The Islamic Revolutionary Guard Corps stated in a statement broadcast by the Tasnim news agency that the vessel was “fired upon by an Iranian fighter jet.”