Attacks on Oil Tankers Escalate, Threatening Key Middle Eastern Export Routes
(Bloomberg) -- Global energy markets reeled on Thursday as a fresh wave of attacks targeted commercial shipping in the Persian Gulf, striking oil tankers in Iraqi waters and forcing a precautionary evacuation at a major Omani export terminal. The incidents mark a dangerous expansion of the ongoing Middle East conflict, directly threatening the few remaining secure outlets for the region's crude.
Iraq's SOMO confirmed two tankers—the Marshall Islands-flagged Safesea Vishnu and the Malta-flagged Zefyros—were hit within its territorial waters, prompting an immediate halt to operations at the country's oil terminals. "This event negatively impacts Iraq's security and economy, and poses a threat to the safety of maritime navigation," the state oil marketer said in a statement.
The attacks are part of a sharp intensification in retaliatory actions, widely attributed to Iran, against regional shipping lanes. UK Maritime Trade Operations reported a vessel was struck near Jebel Ali, UAE, while a Thai Navy spokesperson confirmed the bulk carrier Mayuree Naree was hit near the Strait of Hormuz on Wednesday.
Perhaps more alarming to traders was the temporary order for ships to vacate Oman's Mina Al Fahal terminal—a facility located outside the Strait of Hormuz. While operations resumed hours later, the move signaled the conflict's alarming geographical spread. "The market will have to start worrying about more than just Strait of Hormuz oil flows," warned ING Groep NV's Warren Patterson.
The escalating violence overwhelmed news of a historic 400-million-barrel coordinated release from global strategic reserves, sending Brent crude up as much as 10%. Analysts note the emergency stockpile release will only partially offset the mounting supply disruptions. "The pace that these supplies will hit the market only covers a fraction of the supply losses we are seeing," Patterson added.
With the effective closure of the Strait of Hormuz now in its second week, alternative routes are under strain. Oman's Salalah port also sustained drone attacks, disrupting container operations. The situation is critically tightening the physical crude market, particularly for grades like Omani oil, which is pivotal for setting the Dubai benchmark price for Middle Eastern supply.
"We would have thought the worst-case scenario had already materialized," said Xu Muyu, senior analyst at Kpler Ltd. "But the naval evacuation in Oman suggests the situation could deteriorate further."
Voices from the Market
David Chen, Shipping Insurance Underwriter, London: "The risk premium for Gulf voyages is becoming untenable. We're seeing reroutings that add weeks to journeys. This isn't a spike; it's a fundamental rewiring of global energy logistics."
Anya Petrova, Senior Strategist, Global Energy Fund, Geneva: "The reserve release was a necessary shock absorber, but it's a finite buffer. The market is pricing in a prolonged disruption, and these attacks outside Hormuz validate that fear. The focus now is on Saudi Arabia's Red Sea pipeline capacity."
Marcus Thorne, Former Naval Officer & Security Consultant, Dubai: "This is a blatant, coordinated campaign to strangle energy exports. The targeting of Mina Al Fahal is a masterstroke of economic warfare—it shows nowhere is safe. The international naval response has been pathetic; it's just target practice out there."
Professor Laila Al-Hamad, Middle East Studies, University of Jordan: "Each escalation narrows the diplomatic off-ramps. These attacks are calculated messages, demonstrating an ability to inflict economic pain globally. The regional calculus is shifting from territorial gains to leveraging energy as a primary weapon."
--With assistance from Rong Wei Neo, Sherif Tarek and Anthony Di Paola.
(Updates with analyst comments and market context throughout.)
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