KATHMANDU: Global energy markets have become increasingly volatile after Iran launched a new wave of drone and missile attacks targeting energy infrastructure and shipping in the Gulf region amid the ongoing West Asia war.
International crude prices climbed above 100 dollars per barrel on Thursday after two oil tankers were attacked within hours earlier in the day, intensifying concerns over disruptions to global energy supply.
Regional tensions have escalated further after Tehran launched additional attacks toward neighboring Gulf states and Israel. Iranian authorities warned that the conflict could continue for a prolonged period and claimed it could potentially “devastate” the global economy.
Meanwhile, US President Donald Trump claimed that Iran is ultimately heading toward defeat, though he cautioned that the war is unlikely to end soon. Trump also signaled that the United States could strike Iranian infrastructure, warning that rebuilding it might take a generation.
As the conflict between the United States and Israel on one side and Iran on the other expands, several countries in the region have been affected. Israeli attacks in Lebanon have intensified, with local authorities reporting more than 630 deaths and over 800,000 people displaced so far.
Security conditions across the Gulf have also become increasingly tense. Following Iranian attacks, Bahrain urged residents to stay indoors and keep windows closed. Saudi Arabia said it intercepted drones heading toward the Shaybah oil field, while operations were temporarily disrupted at fuel storage tanks in Oman after a drone strike at the Salalah port.
Shipping routes around the Strait of Hormuz—through which about one-fifth of the world’s oil supply passes—have also been affected. A container ship near the United Arab Emirates was struck by an unidentified projectile, causing a small fire, according to a British maritime security agency. All crew members were reported safe.
Earlier, an attack on two oil tankers near Iraq left at least one crew member dead, while 38 others were rescued. Search operations are still underway for several missing crew members.
Analysts warn that the Strait of Hormuz now faces a serious risk of disruption due to the escalating conflict. Iran has also threatened to block oil exports from the Gulf entirely.
At least four shipping-related incidents involving commercial vessels have been reported in recent days. A Thai bulk carrier was also struck, leaving three crew members missing, according to shipping company Precious Shipping.
Drone and missile threats have also increased in other Gulf countries. In Kuwait, a drone strike on a residential building injured two people, while the UAE said it has been responding to missile threats.
Iran’s Islamic Revolutionary Guard Corps has warned that it could also target financial centers and banks linked to the United States and Israel. Following the warning, several international companies have reportedly begun relocating staff from Dubai.
The International Energy Agency has authorized member countries to release oil from strategic reserves in an effort to stabilize markets. Under the agreement, around 400 million barrels of oil will be injected into the market, including about 172 million barrels from the United States.
However, analysts say the move has not eased fears of a prolonged conflict. Oil prices between 90 and 100 dollars per barrel could become the “new normal” if tensions persist.
The war’s humanitarian toll is also rising. In Beirut, Israeli airstrikes have damaged residential buildings, forcing many residents to spend the night in open areas due to fear of further attacks.
Recalling the moment of the strike, a local bakery owner said, “When the first explosion happened, I ran from room to room pulling my family outside and hid behind a wall before the second strike followed.”
The Israeli military said it continues extensive operations targeting infrastructure linked to Hezbollah across Lebanon, while also confirming new missile launches toward Israel from Iran.
According to Iran’s Health Ministry, more than 1,200 people had been killed in the war as of March 8. Israel has reported 14 deaths, while attacks across the Gulf region have killed 24 people, including 11 civilians and seven American soldiers, local authorities said.
A report by The New York Times said the conflict has already cost the United States more than 11.3 billion dollars.
Comment