President Donald Trump pledged Thursday to press ahead with military operations against Iran as oil prices climbed back toward $100 a barrel following a wave of Iranian strikes on energy targets throughout the Middle East. Trump’s combative tone came as Iran showed no signs of backing down, striking shipping vessels, fuel tanks, and oil ports across the Gulf region. The combination of military escalation and energy disruption is testing global markets to their limits.
Iranian forces attacked merchant ships near the Strait of Hormuz, with the Thai vessel Mayuree Naree struck and three crew members reportedly trapped. Iraq suspended crude exports from all ports following attacks on nearby tankers. Bahrain urged residents to stay indoors after fuel storage facilities in the Muharraq Governorate were targeted.
Brent crude rose as high as $100.29 a barrel before settling near $98. It has climbed from roughly $60 a barrel at the start of the year, hitting a weekly peak of $119 before partially retreating. West Texas Intermediate gained 8.6% to $94.75. Iran’s military warned that oil could hit $200 if the conflict continues, attributing the price spike to US destabilization of the region.
The IEA authorized its 32 members to release a combined 400 million barrels of emergency crude — the most ever coordinated by the body. The US announced a 172-million-barrel release from its Strategic Petroleum Reserve, to be delivered over approximately 120 days. Energy Secretary Chris Wright accused Iran of deliberately threatening the energy security of America and allied nations.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 per barrel. Deutsche Bank warned investors of a potential stagflationary shock. Japan’s Nikkei fell 1.6%, South Korea’s Kospi dropped 1.2%, and European natural gas prices gained 7.7% on the day.
