Iran Attacks Oil Tankers, Oil Prices Surge

0:00On March 12, Iran has escalated tensions in the Middle East by attacking Iraqi oil tankers with explosive boats, sparking massive fires in Iraqi, territorial waters. New footage captures a bright orange explosion followed by flames engulfing the vessels, one of which carried Iraqi fuel oil. This strike killed one crew member and as part of Iran's push to choke off the straight of Hormuz, a key route for 20% of global oil, shipments. Meanwhile, Iran issued a stark warning that oil prices could surge to $200 a barrel due to the unrest. Officials confirmed strikes on three other cargo ships, including a Thailand flag vessel hit by a projectile north of Oman, where three crew. Members remained missing after 20 were rescued. Iraqi authorities quickly evacuated surviving crews and halted all oil port operations, though commercial ports continue normally. The director general of Iraq's ports company noted the tankers were clearly within their waters during the assault. In response, U.S. forces destroyed 16 Iranian mind-laying vessels near the strait earlier

1:04this week, releasing video of the strikes to deter further. Threats. Oil prices briefly peaked near $120 a barrel before easing to around $87. As Iran vows to block more shipments unless a tax stop, world leaders watch closely knowing prolonged disruptions could ripple through global, energy markets and economies everywhere.