Tanker Attacks and the Global Oil Crisis as U.S, Israel and Iran Conflict Rages
By 𝔸bdulrazak Tomiwa
On March 12, 2026, the Safesea Vishnu and Zefyros were set ablaze by Iranian underwater drones near Iraq’s Basra terminal. This targeted strike on U.S. and Greek-owned vessels marks a sharp escalation in regional maritime warfare.
The attack killed one crew member and forced the evacuation of dozens more as flames spread across the water. Consequently, Iraq suspended all operations at its southern export terminals to manage the safety risks and potential oil spills.
These hostilities follow February’s joint U.S.-Israeli air strikes on Iranian targets. Tehran has since retaliated against over a dozen commercial ships, threatening a total blockade of regional oil exports if Western military pressure continues.
Analysts believe the strikes aim to counter the International Energy Agency’s release of strategic reserves. By targeting tankers, Iran seeks to trigger a “prolonged economic shock” and drive global oil prices toward $200 a barrel.
As a result, the UN Security Council is now debating “snapback” sanctions against Iran. Despite U.S. claims of degrading Iran’s naval power, persistent drone strikes have prompted G7 leaders to consider military escorts for commercial shipping.
With nearly 2,000 lives lost since February, the conflict has sparked the worst global energy crisis in decades. As the Strait of Hormuz nears a standstill, the maritime industry remains on high alert for further disruption.
