Two oil tankers were attacked in Iraqi waters, with both the US and Iran signaling that "the war will not end soon."

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The U.S.-Iran conflict continues to escalate, intensifying turmoil in the energy market. Iran is pressuring the U.S. by blocking the Strait of Hormuz, while Trump declared he will "finish the job". Neither side has signaled a ceasefire, and the end of this war is still nowhere in sight.

According to CCTV News, in the early morning of the 12th local time, officials at a southern Iraqi port reported that two foreign oil tankers were attacked and caught fire within Iraqi territorial waters. At least one person was killed, 38 crew members were rescued, and Iraq immediately suspended operations at its oil ports.

Affected by the attacks, oil prices rose nearly 9% on Wednesday and continued to climb during the Asian trading session, with Brent crude quoted at about $100/barrel.

Iranian military had previously warned, "Be prepared for oil prices to reach $200/barrel," while the U.S. announced the release of strategic oil reserves to stabilize prices. The contest between the two sides has extended from the battlefield to the energy market.

Oil tankers attacked, Iraqi ports forced to shut down

The attacked oil tankers were the Marshall Islands-registered Safesea Vishnu and the Malta-registered Zefyros. The attack occurred near the western shore of Zubair Bay, about 50 km south of Basra, a southern Iraqi port city, near Umm Qasr port.

According to CCTV News, in the early morning of the 12th local time, officials at a southern Iraqi port stated that two foreign oil tankers were attacked and caught fire within Iraqi territorial waters. The location of the attack was Umm Qasr port, about 50 km south of Basra, on the west shore of Zubair Bay. Preliminary investigations suggest that a speedboat carrying explosives launched the attack on the tankers.

According to Bloomberg, the Iraqi State Oil Marketing Organization (SOMO) stated that Safesea Vishnu was chartered by a company contracted with SOMO, while Zefyros was transporting condensate produced by the Basra Gas Company, scheduled to head to Khor Zubair port by March 12 to load an additional 30,000 tons of plastic feedstock naphtha.After the attack, the Iraq Oil Port Authority announced the suspension of oil port operations; commercial port operations were not affected.

Trump: Will "finish the job", no early withdrawal

At a campaign-style rally in Kentucky, Trump stated that the U.S. has "won" this war, but does not want to have to return to the battlefield every two years.

According to CCTV News, According to The Independent and other foreign media on March 11, President Trump said that U.S. forces had sunk 28 Iranian minelayers in the Strait of Hormuz.Trump claimed that the U.S. has "won" the war with Iran, but that the "final task" needs to be completed.

Meanwhile, U.S. and Israeli officials stated that their goal is to eliminate Iran's ability to project power abroad and to destroy its nuclear program. An Israeli military official said that there are still a large number of Iranian targets left to strike, including ballistic missiles and nuclear-related facilities.

Iran: The Strait of Hormuz is "undoubtedly" under our control, ready for oil at $200

An Iranian military spokesperson said Wednesday that the Strait of Hormuz is "undoubtedly" under Iranian control. So far, there are no signs that vessels can safely pass through this critical waterway—the Strait of Hormuz carries about one-fifth of the world's oil shipments.

According to CCTV News, Iran warned that if attacks against its energy infrastructure continue, Tehran may retaliate against regional energy facilities, and oil prices could rise to $200 per barrel.

Iran also announced it would attack banks with U.S. or Israeli business dealings and called on people in the Middle East to stay at least 1000 meters away from banks. Previously, a bank office in Tehran was attacked overnight.

Energy markets under pressure, parties respond to supply shocks

The International Energy Agency (IEA) released 400 million barrels of oil from global strategic reserves to ease the worst supply shock since the 1970s, the largest such release in history. U.S. Energy Secretary Chris Wright said Trump has authorized the release of 172 million barrels from the U.S. strategic petroleum reserve starting next week.

Trump said the IEA's decision "will significantly lower oil prices". However, the speed at which IEA member countries are releasing their reserves is uneven, and the total volume released only accounts for a small part of the normal supply passing through the Strait of Hormuz.

IG analyst Tony Sycamore said this tanker attack "seems to mark a direct and forceful Iranian response to the IEA's announcement last night of a massive strategic release to curb runaway oil prices". The G7 group—the U.S., Canada, Japan, Italy, the U.K., Germany, and France—has agreed to study ways to provide escorts for vessels to ensure free passage in the Gulf region.

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