Oil prices skyrocket approaching the $100 mark: Important oil terminals in Iraq and Oman have been shut down one after another, overshadowing the IEA's release plan.

After the two oil tankers were attacked in Iraqi waters, Brent crude oil prices rebounded to around $100 per barrel, highlighting the broader risks faced by energy assets in the entire Middle East region and overshadowing the International Energy Agency's record-breaking oil reserve release plan. At the same time, individuals who directly received notifications from port agents revealed that Oman had evacuated all vessels from its main oil export terminal in Mina Fahal as a precautionary measure. Brent crude oil futures prices soared by 8.28% to $99.60 per barrel, while WTI crude oil prices also broke through $94 per barrel. The head of the Iraqi Ports Company told local media that the country had suspended operations at all oil terminals after the vessels were attacked. The attack highlighted the threats faced by shipping in the entire region, not just the still-closed Strait of Hormuz. After the near closure of the Strait of Hormuz, Iraq was one of the first Persian Gulf oil-producing countries to start cutting production, followed by Kuwait and Saudi Arabia. These production cuts forced the International Energy Agency to take action and coordinate the release of 400 million barrels of crude oil reserves - a historic move that far exceeded the release scale after the outbreak of the Russia-Ukraine war in 2022. The United States announced plans to release 172 million barrels of crude oil as part of global efforts to curb oil prices. Global daily crude oil consumption is slightly above 100 million barrels, and oil-producing countries in the Gulf have had to cut production by about 6% so far. Production cuts in the Middle East region may further expand. Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, said: "This is my concern about the International Energy Agency report - completely ignored, and prices are now even higher. This may send the wrong signal. What information do they have that we don't know?" With the near closure of the Strait of Hormuz, through which about one-fifth of the world's oil supply usually passes, prices of crude oil, natural gas, diesel, and other products have risen, sparking concerns about an inflation crisis. "The only way to lower oil prices is for the Strait of Hormuz to reopen," said Neil Beveridge, research director at Sanford C. Bernstein & Co., in an interview. He added that the amount of strategic reserves released is insignificant compared to the daily 20 million barrels of oil flow loss caused by the closure of the Strait of Hormuz. On Wednesday, oil prices rose due to escalating rhetoric from both sides. Iran told regional mediators that any ceasefire agreement must require the US to guarantee that it and Israel will not launch attacks on Iran in the future. Washington is unlikely to accept these conditions, further reducing expectations of a quick end to the war. Speaking in Kentucky on Wednesday, Trump reiterated that the war would soon end, but he also hinted that the US would stay until its goals were achieved. "We don't want to withdraw early, right?" he told the audience. Meanwhile, individuals who directly received notifications from port agents revealed that Oman had evacuated all vessels from its main oil export terminal in Mina Fahal as a precautionary measure. Mina Fahal Port is one of the few ports in the Middle East through which Middle East crude oil can be shipped to global markets. However, attacks by Iran in the surrounding area have made the nearby waters unsafe. According to local media citing security sources, drones attacked fuel tanks at Oman's Salalah Port on Wednesday, with some drones being intercepted, leading to an evacuation order. A report showed that container and bulk cargo terminals at Salalah Port had suspended operations, while other ports in Oman were operating normally. Oman's evacuation operation indicates that the Middle East crisis is escalating and now threatens oil transport outside the Strait of Hormuz. While loading continues at the Fujairah Port in the UAE (also located outside the strait), some ship owners are choosing to avoid the port due to fears of attacks. Meanwhile, Saudi Arabia is transporting oil to its Red Sea coast port of Yanbu through a pipeline. According to data from the analytics company Kpler, Oman's Mina Fahal field exports about 1 million barrels of crude oil per day. As of Wednesday's close, the price of this grade of crude oil was around $121 per barrel, much higher than the global benchmark Brent crude oil price.