Iraq has suspended operations at its southern oil export terminals following deadly attacks on tankers in the Persian Gulf, a decision that removes approximately 2.4 million barrels per day from global markets and sends energy prices soaring.
The attacks, which killed at least seven crew members across three vessels, occurred in international waters south of Iraq's Basra oil terminal early Wednesday morning. Iraqi officials blamed the incidents on "hostile elements" but stopped short of directly accusing Iran, whose forces operate extensively in the area.
"The safety of our maritime personnel and the security of our energy infrastructure are paramount," said Iraqi Oil Minister Hayan Abdel-Ghani in announcing the terminal closures. "We cannot in good conscience continue operations while vessels face active threats in our export routes."
The suspension affects the Basra and Khor al-Amaya terminals, which together handle virtually all of Iraq's seaborne oil exports. Iraq is OPEC's second-largest producer after Saudi Arabia, making the closure a significant shock to already strained global energy markets.
Brent crude prices jumped 8.3% to $97.50 per barrel following the announcement, while West Texas Intermediate rose to $93.20. Energy analysts warn that if the terminals remain closed for an extended period, prices could breach $100 per barrel for the first time since 2022.
To understand today's headlines, we must look at yesterday's decisions. The Persian Gulf is the world's most critical energy chokepoint, with roughly 21 million barrels per day—about one-fifth of global oil consumption—transiting through the Strait of Hormuz. Any disruption to this flow reverberates immediately through global markets.
The attacks bear hallmarks of previous Iranian maritime operations, according to security analysts. Small, fast attack craft approached the tankers before explosions ripped through their hulls. Two vessels—one registered in and another in —suffered sufficient damage to render them inoperable. A third tanker, sailing under a flag, remained afloat but reported casualties among its crew.



