The figure of $100-per-barrel oil captures only part of the story of an energy crisis that is simultaneously closing shipping lanes, shutting oil ports, emptying export terminals, and pushing European gas prices sharply higher. Brent crude settled around $98 Thursday after briefly touching $100.29, while European natural gas gained 7.7% for a second consecutive day and Asian stock markets fell sharply. The energy shock triggered by the Middle East conflict is proving to be multi-dimensional and deeply interconnected.
Iran struck merchant vessels near the Strait of Hormuz, fuel tanks in Bahrain, oil tankers near Iraq’s ports, and the port area adjacent to Oman’s Mina Al Fahal terminal. Three crew members aboard the Thai-registered Mayuree Naree were reported trapped. Iraq halted all crude exports and Oman evacuated its main terminal following drone attacks.
West Texas Intermediate rose 8.6% to $94.75 Thursday. Japan’s Nikkei fell 1.6% and South Korea’s Kospi lost 1.2%. The Strait of Hormuz has been closed since February 28, and the oil price has risen from $60 at the year’s start to a weekly peak of $119. Iran’s military warned of $200 oil.
The IEA released 400 million barrels of emergency crude from 32 member nations, and the US pledged 172 million barrels from its Strategic Petroleum Reserve. President Trump pledged to press ahead with military operations. Energy Secretary Chris Wright accused Iran of deliberately threatening the energy security of the United States and its allies.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned of a stagflationary shock. The full economic consequences of this multi-dimensional energy crisis are still unfolding.