Oil shock from Iran war prompts countries to open strategic reserves
A widening war in Iran has halted oil tankers, made targets of refineries and spooked investors worried about the cascading impact of spiking energy prices.
In response, the International Energy Agency agreed on Wednesday to release the largest volume of emergency oil reserves in its history, with the Paris-based organization pledging to make 400 million barrels of oil available from its member nations’ stockpiles. The announcement marked a shift in momentum in government response to the war upending the flow of oil, with other global leaders previously indicating reluctance to tap into stockpiles.
Iran signals it will hit US, Israeli economic and tech targets
Iran’s military vowed on Wednesday to launch strikes against US and Israeli economic interests in the region, including banks, while an Iranian news agency listed tech giants as possible “future targets”.
“The enemy has given us free rein to target economic centres and banks belonging to the United States and the Zionist regime,” the military’s central operational command, Khatam Al-Anbiya, said in a statement carried by state TV in response to reports of a strike hitting an Iranian bank.
It urged people across the region to avoid going within one kilometre (around half a mile) of banks.
Iran’s Foreign Minister Abbas Araghchi said that “a branch of my country’s oldest bank was bombed while full of employees”.
“Our Powerful Armed Forces will exact retribution for this crime,” he added on X.
Three crew ‘believed trapped’ aboard Thai ship attacked in Gulf
Three crew members were “believed to be trapped” aboard a Thai bulk carrier that was hit by two projectiles on Wednesday while travelling through the crucial Strait of Hormuz, the vessel’s owner said.
“Three crew members are reported missing and believed to be trapped in the engine room” of the Thai-registered Mayuree Naree which was damaged in the strikes, Thai transport company Precious Shipping said in a statement Wednesday evening.
Iran’s Revolutionary Guards said Wednesday they struck the ship because it had ignored “warnings”.
Saudi defence ministry says intercepted drones headed to Shaybah oil field
Saudi Arabia intercepted two drones headed towards the Shaybah oil field on Thursday, as Iran targets the facility again in its campaign to disrupt global energy markets.
“Two drones heading towards the Shaybah oil field were intercepted and destroyed,” a spokesperson for the country’s defence ministry posted on X.
It came after Saudi Arabia confirmed on Wednesday that it had prevented several drone attacks against the facility, which is crucial to the country’s oil production.
Oil tops $100 as Iran attacks offset IEA stockpile release
Oil prices soared back above $100 Thursday as Iran’s fresh attempts to hit supplies in the Middle East and threats to bring down the global economy overshadowed a record release of strategic crude by the International Energy Agency.
The IEA said Wednesday that its members had agreed to unlock 400 million barrels of oil from their reserves — their largest release ever — with 172 million coming from the United States.
However, the move was unable to overcome fears about the choking of energy supplies from the Middle East, with the Strait of Hormuz — through which a fifth of global crude passes — effectively shut down.
Projectile hits container ship off UAE’s Jebel Ali, UKMTO says
An unidentified projectile struck a container ship, causing a small fire, 35 nautical miles north of Jebel Ali in the United Arab Emirates, the United Kingdom Maritime Trade Operations (UKMTO) said on Thursday.
“All crew are reported safe,” the agency said in an advisory. “No environmental impact has been reported at this time.”
Lebanon says 7 killed in Israeli strike on central Beirut
Lebanon said an Israeli strike on central Beirut’s seafront killed at least seven people early on Thursday, another attack in the heart of the capital as Iran-backed Hezbollah launched more missiles at Israel.
The Israeli military said separately it had carried out strikes on Beirut’s southern suburbs overnight against Hezbollah, which had announced a major new operation against Israel.
Local media aired footage showing smoke rising along the seaside corniche road area after the strike in central Beirut, which state-run National News Agency said targeted a car.
“The Israeli enemy strike on Ramlet al-Bayda in Beirut led to an initial toll of seven dead and 21 wounded,” the health ministry said in a statement.
It was the third attack in the heart of the capital since the Middle East war began as well as repeated Israeli strikes on the southern suburbs of Beirut where Israel said on Thursday it had hit 10 Hezbollah targets.
Bahrain says fuel tanks attacked, requests residents stay home
Bahrain told residents to stay home after an Iranian attack on fuel tanks on Thursday as Tehran carries out a campaign in the Gulf to disrupt global energy markets.
“The blatant Iranian aggression targets fuel tanks at a facility in Muharraq Governorate,” Bahrain’s Ministry of Interior posted on X.
The ministry told residents in three parts of Muharraq to “remain in their homes, close windows and ventilation openings as precaution against potential effects of smokes from the fire currently being fought.”
