Oil breaks $100 a barrel again as Oman evacuates key export terminal

Brent crude surged past $100 a barrel in early trading on Thursday after Oman ordered all oil vessels to leave its main export terminal, the latest sign that Iran’s campaign against regional energy infrastructure is shutting down what little remains of normal oil trade in the Middle East.

Mina Al Fahal, Oman’s primary crude export facility, sits outside the Strait of Hormuz and has been one of the few ports still able to ship Middle Eastern oil to global markets. However, Iranian attacks in the surrounding waters have now made even that route too dangerous to operate. Around one million barrels of Omani oil pass through the terminal every day, according to data intelligence firm Kpler.

Almost simultaneously, reports emerged that two tankers had been struck in Iraqi waters — underscoring how broadly Iran is targeting energy assets across the region.

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The International Energy Agency had earlier announced a record release of emergency oil reserves, a move President Donald Trump had pointed to as evidence that his administration was managing the price pressures caused by the war. Markets were unmoved.

“This is what I was concerned about with the IEA release — completely ignored, and now prices are higher,” said Darrell Fletcher, managing director for commodities at Bannockburn Capital Markets. “It may have sent the wrong signal. What do they know that we don’t?”

Iran’s Islamic Revolutionary Guard Corps, which has declared the Strait of Hormuz closed, issued a stark warning on Wednesday, telling countries to “get ready for oil to be $200 a barrel.” The group reportedly struck three commercial ships along the waterway the same day.

Iran’s president added his own conditions for ending the conflict, saying the US and Israel could only secure peace by recognising Iran’s rights, guaranteeing against future aggression and paying reparations.