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Home » Iran warns oil prices will hit $200, three more ships collide in Gulf
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Iran warns oil prices will hit $200, three more ships collide in Gulf

Editor-In-ChiefBy Editor-In-ChiefMarch 12, 2026No Comments3 Mins Read
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A commercial ship photographed off the coast of Dubai on March 11, 2026.

AFP | Getty Images

Overnight, three more foreign ships were attacked in the Persian Gulf, authorities said, as attacks on ships passing through or near the strategic Strait of Hormuz intensified.

The incident comes after three ships were damaged in Gulf waters on Wednesday, with Iran warning that oil prices could rise to $200 per barrel.

The UK Maritime Trade Operations (UKMTO) Center said on Thursday that a container ship was struck by an unknown projectile about 35 nautical miles north of Jebel Ali, a major port city near Dubai in the United Arab Emirates. The incident caused a small fire on board, but all crew members were reported to be safe.

Earlier, two foreign oil tankers were collided near the port of Umm Qasr near the city of Basra, leaving them on fire in Iraqi waters.

At least one person was killed in the attack and 38 crew members were rescued from the ship, multiple media outlets reported, citing Iraqi port officials. Iraq’s port general company was not immediately available for comment when contacted by CNBC.

Shipping traffic through the Strait of Hormuz has virtually stopped since the United States and Israel began airstrikes against Iran on February 28. Iran has retaliated by targeting ships attempting to pass through the strait, with several incidents reported in recent days.

This narrow waterway is an important maritime corridor connecting the Persian Gulf and the Gulf of Oman. Typically, about 20% of the world’s oil and gas passes through it.

Attacks on commercial ships in the Gulf have raised concerns that the economic shock will be prolonged.

“Be prepared for oil prices to reach $200 a barrel, because oil prices depend on regional security and destabilize regional security,” Ebrahim Zolfakari, spokesman for Iran’s military command, said on Wednesday, according to Reuters.

Read more US-Iran war news

Oil prices rose sharply on Thursday morning as traders closely monitored supply risks and appeared to fend off pressure from the International Energy Agency to release a record 400 million barrels of oil.

international benchmark brent crude oil futures May delivery rose 5.7% to trade at $97.16 a barrel, while in the U.S. West Texas Intermediate Futures April deliveries rose 5.3% to $91.88.

The IEA did not say on Wednesday when the shares would be introduced to the market. He said the reserves would be released over a period of time depending on the circumstances of each of the 32 member countries.

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