Oil prices once again briefly surged past $100 per barrel early Thursday (March 12) morning after seven tankers along the Persian Gulf and the Strait of Hormuz were attacked by Iran.
The attacks caused Brent crude oil features to once again exceed $100, but dropped back down to $96.50 per barrel as of 7:00 a.m. ET. The current national average gas price is $3.598 for regular gas, which is $0.020 higher than the previous day average; $0.347 higher than the previous week average; $0.654 higher than the previous month average; and $0.518 higher than the previous year average, according to the American Automobile Association.
Iran’s Islamic Revolutionary Guard Corps (IRGC) claimed responsibility for a total of seven attacks on oil tankers in the Persian Gulf and the Strait of Hormuz since Wednesday (March 11). The two most damaging attacks, suspected of being carried out by boats loaded heavily with explosives, struck the tankers Safesea Vishnu and Zefyros in Iraqi waters, resulting in at least one crew member’s death as the vessel was set ablaze.
The four initial attacks occurred in the Strait of Hormuz beginning on Wednesday (March 11).
“Allah is the greatest! The destruction of an American tanker in the northern district of the Persian Gulf! I obey you Khamenei! Hail be the Islamic Republic of Iran! Soldiers of the Islamic Revolutionary Guard Corps Navy!” a man was heard shouting in a video shared by Iran’s Islamic Revolutionary Guard Corps.
The latest attacks came hours after President Donald Trump ordered the release of 172 million barrels of oil from the U.S. Strategic Petroleum Reserve in an effort to lower gas prices, which have surged since the U.S. and Israel began joint attacks on Iran as part of ‘Operation Epic Fury’ on February 28. An estimated one-fifth of the world’s oil passes through the Strait of Hormuz accounts for an estimated one-fifth of the world’s oil passes through and the IRGC warned that any vessel attempting to traverse would be prone to an attack.
“Expect oil at $200 per barrel,” a spokesperson said while addressing the United States’ oil outlook Wednesday via the Post. “The price of oil depends on regional security, and you are the main source of insecurity in the region.”
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