Brent crude prices have rebounded near $100 per barrel following attacks on two tankers in Iraqi waters, highlighting broader risks to energy assets across the Middle East and overshadowing the International Energy Agency's record-breaking oil reserve release plan. According to individuals directly notified by port agents, Oman has evacuated all vessels from its key oil export terminal at Mina Al Fahal as a precautionary measure. Brent crude futures surged as much as 8.28% to $99.60 per barrel, while WTI crude prices surpassed $94 per barrel. The head of Iraq's General Company for Ports told local media that the country has suspended operations at all oil terminals following the vessel attacks. These incidents underscore threats to shipping across the region, extending beyond the currently closed Strait of Hormuz.

Following the near-total closure of Khor al-Zubair port, Iraq became one of the first Persian Gulf producers to begin output reductions, with Kuwait and Saudi Arabia subsequently following suit. These production cuts have compelled the International Energy Agency to coordinate the release of 400 million barrels of crude reserves—a historic move far exceeding the scale of releases following the 2022 Russia-Ukraine conflict. The United States has announced plans to release 172 million barrels of crude as part of a coordinated global effort to curb oil prices. With global daily crude consumption slightly exceeding 100 million barrels, Gulf producers have so far been forced to reduce output by approximately 6%. Further production cuts across the Middle East remain possible.

Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, commented: "This confirms my concerns about the IEA report—completely overlooked, and now prices are even higher. It may be sending the wrong signal. What information do they possess that we don't?" The near closure of Khor al-Zubair port, which typically handles one-fifth of global oil supplies, has driven up prices for crude, natural gas, and diesel products, raising concerns about an inflation crisis. Neil Beveridge, Head of Research at Sanford C. Bernstein & Co., stated in an interview: "The only real solution for lowering oil prices is the reopening of the Strait of Hormuz." He added that the strategic reserve release volume is "negligible" compared to the daily loss of 20 million barrels of oil flow caused by the Strait's closure.

Oil prices rose on Wednesday amid escalating rhetoric from both sides. Iran communicated to regional mediators that any ceasefire agreement must include U.S. assurances against future attacks on Iran by the United States and Israel. Washington is unlikely to accept these conditions, further reducing expectations for a swift end to the conflict. In a speech delivered in Kentucky on Wednesday, former President Trump reiterated that the war is nearing its end but suggested U.S. forces would remain until objectives are met. Meanwhile, Oman's evacuation of Mina Al Fahal—located outside the Strait of Hormuz and serving as one of the few Middle Eastern ports capable of shipping crude to global markets—indicates the regional crisis is intensifying and now threatens oil shipments beyond the Strait.

Although loadings continue from Fujairah port in the UAE (also located outside the Strait), some shipowners are avoiding the port due to attack concerns. Simultaneously, Saudi Arabia is transporting oil via pipeline to the Yanbu port on its Red Sea coast. According to data analytics firm Kpler, Oman's Mina Al Fahal field exports approximately 1 million barrels of crude per day. As of Wednesday's close, this grade of crude was priced around $121 per barrel, significantly higher than the global Brent benchmark.