Oil prices soar again after two tankers struck off coast of Iraq

WorldPolitics
12 Mar 2026 • 3:38 PM MYT
The Independent
The Independent

The world’s most free-thinking newspaper

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  • Oil prices have surged past $100 a barrel following suspected Iranian attacks on multiple fuel tankers in Iraqi waters.
  • Iraqi oil ports have completely ceased operations, prompting other countries to move their vessels from the area as a precaution.
  • Iran has claimed responsibility for hitting a Thai bulk carrier yesterday, trapping three crew members, and warned that oil prices could reach $200 a barrel.
  • Donald Trump stated that the US has ‘won’ the war in Iran but needs to ‘finish the job’.
  • Trump also claimed that US forces destroyed 28 Iranian mine-laying ships in the Strait of Hormuz, following his earlier warning about Iran placing mines in the crucial waterway.