Oil prices rise, rocket attacks also increase / What happened in the Middle East overnight

Oil prices continue to rise despite major countries agreeing to release a record amount of oil from their emergency reserves in an attempt to calm the markets. Iran has warned that oil could reach $200 per barrel as its attacks on ships intensify in the Strait of Hormuz.

As a result of missile and drone strikes, explosions were reported overnight on at least two foreign tankers. The ships were hit near the port of Umm Qasr, close to the city of Basra. The attack killed one person and injured 38 others, said the head of the General Company for Iraqi Ports.

A total of 13 ships have been attacked in and around the Arabian Gulf, the Strait of Hormuz and the Gulf of Oman between 28 February and 11 March, the UK Maritime Trade Operations (UKMTO) reported yesterday.

And just moments ago, UKMTO announced another incident north of Jebel Ali in the United Arab Emirates, writing that “the captain reported that the container ship was struck by an unknown projectile causing a small fire on board”.

A full assessment of the damage is “hampered by darkness”, it added.

In recent hours, the price of Brent crude oil reached $100 per barrel, rising 9% on Thursday in Asia. Oil prices have not fallen even after dozens of countries, including the US and the UK, announced they would release record amounts from emergency reserves.

Iran has also continued its threat against ships passing through the Strait of Hormuz, a transit point for a fifth of the world’s oil. The price of US-traded crude oil rose 9% to $95.27. Oil prices passed $110 per barrel on Monday and have fluctuated significantly since then.

What happened overnight?

Attacks on ships in the Persian Gulf have intensified. Iraqi authorities say one person has died and 38 others were rescued near the port of Umm Qasr in the city of Basra, while Oman rescued 20 sailors from a Thai-flagged vessel, some of whom were 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 reach $100 (£74.79) per barrel on Asian markets, even after all 32 members of the International Energy Agency (IEA) said they would release 400 million barrels in response to supply concerns.

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

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

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

Meanwhile, Iran’s foreign minister announced that the country’s national infrastructure was under attack, including its oldest bank “while it was full of employees”, and vowed retaliation.

In the Persian Gulf, Saudi Arabia, Qatar, Kuwait and the United Arab Emirates reported that they had intercepted air attacks overnight.

“KORÇA BOOM”