Oil hits $100, global stocks slide as Gulf shipping comes under attack
Global stocks fall as oil jumps to $100 amid escalating Iran conflict
Global financial markets slid on Thursday as oil prices surged past $100 per barrel, reflecting mounting concerns over the ongoing conflict involving Iran, the United States and Israel.
The benchmark S&P 500 fell 1.5%, returning to sharp swings after a brief period of calm earlier in the week. The Dow Jones Industrial Average dropped 1.6%, while the Nasdaq Composite declined 1.8%.
The biggest volatility was seen in energy markets, where the price of Brent crude oil climbed as high as $101.59 per barrel amid fears of prolonged disruption to global oil supplies.
Shipping attacks escalate energy concerns
Oil prices spiked after reports of Iranian strikes targeting commercial ships in the region, particularly around the Strait of Hormuz and near the port of Basra.
The attacks mark an escalation in the conflict, with Iran tightening pressure on maritime routes in the oil-rich Gulf region — a critical artery for global energy trade.
The US military campaign in Iran has now entered its 14th day, while Israeli forces continue to strike targets in Iran and its militant ally Hezbollah in Lebanon. The fighting in Lebanon has displaced over 800,000 people, according to reports.
At least 19 commercial ships damaged
Shipping data indicates that at least 19 commercial vessels have been damaged since the start of the conflict.
Through Wednesday night, 16 ships were attacked across the Persian Gulf and surrounding waters, according to the Joint Maritime Information Center, a coalition overseen by the United States Navy.
In a separate incident, an offshore oil rig near Saudi Arabia was also reportedly attacked.
Overnight, two ships were struck by Iranian fire at a port near Basra in Iraq, while another vessel was targeted off the coast of the United Arab Emirates on Thursday.
Japanese cargo ship damaged in Persian Gulf
Japanese shipping company Mitsui O.S.K. Lines confirmed that its container vessel One Majesty sustained damage while anchored in the Persian Gulf.
The company said crew members felt a sudden shock near the stern of the ship before discovering structural damage. The vessel was anchored about 60 miles southwest of the Strait of Hormuz at the time of the incident.
All crew members were reported safe and the ship remains operational, though the cause and extent of the damage are still under investigation.
The company also said that one of its oil tankers sustained minor damage from unidentified falling objects in the Gulf of Oman. The tanker has since left the area while investigations continue.
Inflation fears rise as bond yields climb
Rising oil prices have also triggered concerns about inflation and monetary policy.
Yields on US Treasury bonds climbed amid fears that higher energy prices could push inflation upward, potentially limiting the ability of the Federal Reserve to cut interest rates in the near future.
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