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Iran attacked tankers in Iraqi territorial waters, resulting in one fatality and the suspension of port operations. Iran expanded its attacks across the Middle East, warning that oil prices could soar to $200 per barrel. In response, the IEA released strategic oil reserves, but the impact on lowering oil prices is projected to be limited.

Iran Attacks Tankers in Iraqi Waters, Middle East Tensions Soar

On the 11th, local time, Iran attacked two foreign oil tankers anchored in Iraqi territorial waters, killing one foreign crew member and halting crude oil terminal operations at Basra Port. Iran expanded its scope of attacks across the Gulf, warning the United States that oil prices would reach $200 per barrel if the conflict escalates. Ebrahim Zolfaghari, spokesperson for Iran's Joint Command, blamed the United States as the direct cause of this instability.

Responding to International Oil Price Instability, Limited Impact Expected

As Middle East tensions and reduced production from oil-producing nations caused international oil prices to fluctuate sharply, the International Energy Agency (IEA) decided to release a record 400 million barrels of strategic oil reserves. South Korea and the United States also announced large-scale releases from their strategic oil reserves, aiming to stabilize oil prices. However, contrary to U.S. President Donald Trump's prediction of falling oil prices, the significant scale of the oil supply reduction means the impact of strategic reserve releases on lowering oil prices is expected to be limited. On the New York Mercantile Exchange, the price of West Texas Intermediate (WTI) crude for April delivery rose by $3.80 compared to the previous session, closing at $87.25 per barrel.

*Source: YouTube: KBS News (2026-03-12)*

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