Iran war live: oil prices spike as vessel attacks intensify

Oil prices spiked on Thursday as concerns over the U.S.-Israel war against Iran intensified. The price of Brent crude – the international benchmark – rose nearly 10% to more than $100 a barrel, before later falling slightly. It came as Iran attacked two tankers near the Iraqi coast and forced the country to halt all of its oil terminals. Another vessel was also struck near a major port in the United Arab Emirates, and a drone targeted a major oil field in Saudi Arabia.

Iran has pledged to stop all oil from heading out of the region, and maintains a stranglehold on the Strait of Hormuz – a critical waterway through which around a fifth of the world’s oil passes. Responding to surging prices, the International Energy Agency agreed on Wednesday to release around 400 million barrels of emergency crude, the largest release of government oil reserves in its history.

What To Know On Day 13

Numerous people have been killed in Israeli airstrikes on Lebanon, including at least eight on Beirut’s seafront.
A high-rise building in Dubai has been seen with a hole in it after a suspected drone fell on it overnight.
Italy’s defense ministry said a missile hit one of its bases in the Iraqi city of Erbil.
Several drones struck Kuwait International Airport on Thursday, according to the Kuwait News Agency. No-one was injured in the strikes, but some material damage was reported.
Iranian attacks have also been reported in Bahrain and Oman, including on oil and fuel tanks near Bahrain’s international airport.

Stay with Newsweek for the latest on the Iran war.

In a polarized era, the center is dismissed as bland. At Newsweek, ours is different: The Courageous Center—it’s not “both sides,” it’s sharp, challenging and alive with ideas. We follow facts, not factions. If that sounds like the kind of journalism you want to see thrive, we need you.

When you become a Newsweek Member, you support a mission to keep the center strong and vibrant. Members enjoy: Ad-free browsing, exclusive content and editor conversations. Help keep the center courageous. Join today.