Global oil prices surged above $100 per barrel on Thursday after fresh attacks linked to Iran targeted oil storage facilities in Oman, offsetting the expected market relief from a record emergency oil release announced a day earlier.

Benchmark Brent crude climbed sharply during trading, briefly moving above the $100 mark before easing slightly. Prices still remained significantly higher than earlier in the week, reflecting continued volatility in global energy markets.

The spike came despite an unprecedented move by the International Energy Agency, which on Wednesday announced a coordinated release of 400 million barrels from emergency stockpiles held by its 32 member countries. The measure is the largest such release in the agency’s history and more than twice the volume deployed after the Russian invasion of Ukraine in 2022.

Shortly after the announcement, Iranian forces launched drone strikes targeting fuel storage tanks and silos at the Salalah Port, triggering fires that local authorities were still working to contain late Wednesday.

British maritime security firm Ambrey confirmed damage at the site, while Danish shipping company Maersk temporarily suspended port operations as a precaution.

Omani officials said the attacks had not disrupted domestic fuel supplies, though investigations into the incident were continuing. Iranian state media reported that President Masoud Pezeshkian assured Haitham bin Tariq that the events would be examined.

The security situation also worsened at sea. At least six vessels were reportedly struck in the Persian Gulf and the Strait of Hormuz, including a container ship hit by a projectile near the United Arab Emirates and two tankers damaged in waters near Iraq. Monitoring groups such as UK Maritime Trade Operations attributed the incidents to Iranian forces or allied groups.

Since the start of the conflict, at least 16 ships have reportedly been struck in the region, intensifying concerns about the security of global energy supplies.

The Strait of Hormuz normally carries about one-fifth of the world’s oil shipments. However, analysts estimate that exports of crude and refined products from the region have fallen to just 10–15 percent of pre-war levels as shipping traffic declines sharply.

In response to the crisis, several countries are contributing to the IEA’s coordinated reserve release. The United States alone plans to supply 172 million barrels, while Germany, France and Italy have also confirmed they will tap emergency stockpiles. Japan said it will begin releasing oil next week.

IEA executive director Fatih Birol described the crisis as an oil market disruption “unprecedented in scale,” saying the coordinated action reflects strong cooperation among major energy-consuming nations.

Despite the intervention, analysts say the reserve release may have limited impact if the disruption to supply continues. Warren Patterson, head of commodities strategy at ING, said the release could not fully offset the roughly 15 million barrels per day currently affected by the conflict.

Economists also warn that prolonged disruptions could push oil prices significantly higher. Analysts at Oxford Economics said crude prices could approach $140 per barrel if tensions persist, a level that could trigger a mild global recession.

Kristalina Georgieva, managing director of the International Monetary Fund, has warned that sustained increases in oil prices would likely push global inflation higher and slow economic growth worldwide.

Energy markets remain focused on developments in the Strait of Hormuz, with analysts saying the restoration of normal shipping routes will be critical for stabilising oil prices in the coming weeks.