Oil price surges back to $100 as explosions reported on two more foreign ships in Gulf

Attacks on ships in the Gulf have intensified. Iraqi authorities say one person has died and another 38 have been rescued near the port of Umm Qasr, in the city of Basra, while Oman has rescued 20 sailors from a Thai-flagged vessel, some of whom had been injured, according to the Oman News Agency.

Oil prices continue to rise despite major countries agreeing to release a record amount of oil from their emergency reserves as they try to curb the impact of the war.

Brent crude rose by almost 9% to top $100 ($74.79) a barrel in Asia trading even after all 32 members of the International Energy Agency (IEA) said they will release 400 million barrels in response to supply concerns.

On Wednesday, Iran warned that oil could reach $200 a barrel as its attacks on ships intensify in the Strait of Hormuz, a key waterway for energy shipments.

Overnight the Israeli military launched “a large-scale wave of strikes” on Hezbollah infrastructure. In Beirut, BBC’s Samantha Granville reported seeing orange flashes light up the night sky in what she described as the “loudest night” for the city since the war began.

Israel also said it intercepted rockets fired by Iran and Hezbollah.

Meanwhile, Iran‘s foreign minister announced that the country’s national infrastructure was under attack, including the oldest bank “while full of employees” and pledged revenge.

In the Gulf, Saudi Arabia, Qatar, Kuwait and the UAE have reported intercepting aerial attacks overnight.