The oil shock caused by Iran’s military campaign in the Middle East spread visibly from Gulf terminals to Asian stock exchanges and European gas trading hubs Thursday, illustrating the global reach of a conflict centered thousands of miles from most of the world’s major economies. Japan’s Nikkei 225 fell 1.6%, South Korea’s Kospi lost 1.2%, and European natural gas prices climbed 7.7% for a second consecutive day. Brent crude hovered near $100 a barrel as the interconnected nature of global energy markets transmitted the Gulf crisis worldwide.
Iranian forces struck merchant ships 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 vessel Mayuree Naree were reported trapped. Iraq suspended all crude exports and Oman cleared its main export terminal.
Brent gained 9% Thursday to touch $100.29 before settling at $98. West Texas Intermediate climbed 8.6% to $94.75. Oil has risen from $60 at the year’s start to a peak of $119 this week. The Strait of Hormuz has been closed since February 28. Iran’s military warned of $200 oil.
The IEA released 400 million barrels of emergency crude from 32 member nations. The US contributed 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 stagflation risks. The global transmission of the oil shock shows no signs of abating.
