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Global Oil Prices Surge Past $100 Following Iranian Attacks on Tankers
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The global oil market is experiencing significant volatility as Brent crude futures surpassed the $100 mark once again.
After reaching $119 per barrel earlier in the week and dropping to $81 on Tuesday, prices returned to triple digits by Thursday follоwing reports of maritime instability, according to The Moscow Times on March 12.
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Brent contracts for April delivery rose to $101.5 per barrel before stabilizing near $96.48. Meanwhile, West Texas Intermediate (WTI) saw an increase of 4.46%, trading at $91.21 per barrel.
Analysts from ING noted that there are currently no signs of de-escalation in the Persian Gulf. Disruptions to oil transportation through the Strait of Hormuz are expected to persist for the foreseeable future.
“The only way to achieve a sustainable reduction in oil prices is to restore shipping in the Strait of Hormuz,” ING stated. “If this does not happen, price peaks lie ahead.”
Two foreign tankers carrying Iraqi fuel oil were recently attacked and set on fire within Iraqi territorial waters. Farhan al-Fartusi, director general of the port operator, reported the incident on Wednesday.
A preliminary investigation by Baghdad indicated that the vessels were struck by booby-trapped boats.
The International Energy Agency proposed releasing 400 million barrels of oil from strategic reserves to help lower prices.
However, ING analysts expressed concerns regarding how quickly this supply could reach the market and whether it would be sufficient to meet consumer demand until transportation through the Strait of Hormuz is fully restored.
Russian corporations recorded an unprecedented surge in financial losses by late 2025, with over 18,200 organizations reporting total losses of approximately $78.2 billion.
This figure marked a historic record, nearly doubling the losses recorded in 2023, while the proportion of unprofitable companies climbed to its highest rate since 2020. The most significant losses were concentrated in manufacturing, specifically within oil refining, metallurgy, and mineral extraction.
Experts noted that this mass unprofitability resulted from a slowing economy, high inflation, and the impact of sanctions, which combined to reduce consumer demand and weaken the position of major exporters.
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