Martha Dowding
Research Associate, Flux
Brent Back Below $100/bbl
Iran-linked attacks hit Middle East oil sites; Basra port shuts. Countries cut travel and IEA members release reserves
Published: March 12, 2026
Written by:
Martha Dowding
4 page report
May'26 Brent futures gapped up $4.25/bbl on open this morning and reached a daily high of $101.39/bbl at 03.33 GMT. The contract has softened to $96.60/bbl at 10.09 GMT.
Iran reportedly set two tankers ablaze in Iraqi waters, killing one crew member, as it intensified attacks on oil and transport facilities across the Middle East. The strikes included an attack on Iraq’s Basra port early Thursday that killed at least one person and forced authorities to halt operations at all of the country’s oil terminals. Other reported incidents involved fuel tanks being targeted in Bahrain’s Muharraq, drones striking oil storage facilities at Salalah port in Oman, a container vessel being hit near the UAE, and a drone attack on a building in Kuwait that injured two people. Authorities in Dubai also responded after a drone fell on a building. Amid the escalation, an Iranian military spokesperson warned the United States to “get ready for oil to be $200 a barrel,” blaming Washington for destabilising regional security. At a rally in Kentucky, Donald Trump said the US had won the war but must finish the job and should not leave early. Countries such as the Philippines, Thailand and Vietnam have reduced office hours, encouraged remote work and limited travel, while governments are also intervening to stabilise fuel prices. Italy will contribute 9 million barrels of oil as part of a coordinated release of strategic reserves alongside other members of the International Energy Agency, a government source said on Thursday. Finally, the May/Jun and May/Nov Brent futures spreads are at $3.46/bbl and $15.59/bbl, respectively.
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