Tensions in the Middle East intensified Thursday after Iran moved to tighten control of the Strait of Hormuz and launched attacks on ships and energy infrastructure across the Persian Gulf, triggering a major disruption to global oil supply and forcing international agencies to release emergency reserves.
Officials say Iranian forces targeted vessels near the vital shipping corridor after warning ships to comply with new orders. Two oil tankers and a cargo vessel were struck overnight, with at least one vessel catching fire. Gulf oil shipments slowed sharply as the attacks effectively halted traffic through the strait.
The Strait of Hormuz handles a large share of the world’s seaborne oil trade, making the disruption one of the most serious threats to global energy markets in years.
Energy markets reacted quickly as oil and gas prices climbed following the attacks. Governments and international energy bodies scrambled to contain the fallout.
The International Energy Agency announced the release of the largest emergency stockpile of oil in its history in an effort to stabilize global prices and prevent deeper supply shortages.
Despite the coordinated response, analysts warn the situation remains fragile as Gulf oil shipments struggle to resume.
Dozens of nations have already begun releasing crude from strategic reserves. The move has slowed the pace of price increases but has not stopped them.
Oil depots across the Gulf region continue to face strikes, further tightening supply and deepening uncertainty in global energy markets.
The maritime attacks unfolded as military operations escalated across the region.
The Israeli military expanded strikes in Lebanon, pushing beyond Hezbollah strongholds in Beirut’s southern suburbs. Israeli forces also renewed attacks on Tehran, widening the scope of the conflict.
According to officials, the war has already killed at least 1,300 people in Iran, at least 570 in Lebanon and at least 13 in Israel.
At the diplomatic level, the United Nations Security Council approved a resolution condemning Iran for retaliatory strikes on Persian Gulf states. A separate Russian proposal calling for an immediate halt to military operations across the Middle East failed to gain enough support.
Amid the escalating crisis, Prime Minister Mark Carney held discussions with G7 leaders, including U.S. President Donald Trump, to coordinate international responses to the conflict.
Iran’s strategy appears focused on pressure points tied to global energy and Western economic interests.
In addition to targeting oil infrastructure and shipping routes, Iranian authorities have also issued threats toward financial institutions in Gulf states linked to the United States and Israel.
Security concerns have also spread to the financial sector in the region.
The United Arab Emirates temporarily closed most Citibank branches until at least March 14 as a precaution. Citibank also issued evacuation notices for staff working in the Dubai International Finance Centre and Dubai’s Oud Metha district. Employees are now working remotely until further notice.
The developments highlight the growing economic ripple effects of the conflict, which now extends beyond military operations into global energy markets, shipping routes and financial systems.
With the Strait of Hormuz facing prolonged disruption, global leaders face mounting pressure to prevent further escalation while stabilizing energy supplies and financial markets.
