Iran on Thursday launched a new wave of drone and missile attacks targeting Gulf energy infrastructure, just hours after two oil tankers were reportedly hit.
The attacks sent global crude prices soaring, despite record releases from strategic reserves.
Tehran has warned that it could wage a prolonged conflict capable of “destroying” the world economy, as tensions escalate across the Gulf region and beyond.
US President Donald Trump insisted Iran was facing imminent defeat, but cautioned that the war would not end “immediately.”
The conflict, initially sparked by US and Israeli strikes, has rapidly spread, with hundreds killed in Lebanon by Israeli operations. The war has also triggered widespread economic disruptions worldwide.
On Thursday, Bahrain authorities advised residents to stay indoors and close windows after Iranian strikes targeted fuel tanks. Saudi Arabia said its air defences intercepted drones headed for the Shaybah oil field and the embassies district. Meanwhile, Oman suspended operations at Salalah port after drones hit fuel tanks.
Shipping around the strategic Strait of Hormuz has also been affected. A container ship near the United Arab Emirates was struck by an “unknown projectile,” causing a small fire, though all crew members were reported safe. Earlier attacks on two oil tankers near Iraq left at least one crew member dead, while 38 others were rescued.
The Iraqi government described the tanker incidents as acts of sabotage. The country’s oil ministry expressed “deep concern” over repeated attacks on vessels in the Gulf.
Iran has warned it will target any ship attempting to pass through the Strait of Hormuz, through which a fifth of global oil trade flows. Authorities say the Strait is effectively closed, with Tehran vowing no oil will leave the Gulf while US-Israeli operations continue.
At least four maritime incidents were reported in the last 24 hours, including a Thai bulk carrier struck by two projectiles, leaving three crew members missing. Suspected Iranian attacks were also reported in Kuwait, where a drone injured two people, and in the UAE, where air defences responded to missile threats.
President Trump reiterated that Iran is “pretty much at the end of the line,” warning that the US could strike infrastructure that might take a generation to rebuild, though he said he prefers to show restraint.
Meanwhile, Iran’s Revolutionary Guards warned they would target “economic centres and banks” linked to US and Israeli interests. Ali Fadavi, an adviser to the Guards’ commander-in-chief, said the US and Israel “must consider the possibility that they will be engaged in a long-term war of attrition that will destroy the entire American economy and the world economy.”
The war has already sent oil prices above $100 per barrel, despite the International Energy Agency authorising the release of 400 million barrels of oil, including 172 million from the US. Analysts warn that $90–$100 per barrel could become the new normal amid ongoing tensions.
In Lebanon, Israel’s operations have killed over 630 people, displaced more than 800,000, and forced many to sleep in the open.
AFP correspondents reported destruction in central Beirut after Israeli strikes, with residents recounting frantic attempts to save family members.
Israel’s military confirmed it carried out a “wide-scale wave of strikes targeting terror infrastructure belonging to the Hezbollah terrorist organisation across Lebanon” and detected new missile launches from Iran.
Iran’s health ministry said more than 1,200 people have been killed in the war, though independent verification is difficult. In Israel, 14 people have died, while attacks in the Gulf have killed 24, including seven US military personnel. Pentagon briefings indicate the war has cost the US more than $11.3 billion.
