Energy Secretary Accuses Iran of Threatening Global Energy Security as Oil Surges

US Energy Secretary Chris Wright accused Iran on Thursday of deliberately manipulating and threatening the energy security of America and its allies, as oil prices climbed back toward $100 a barrel following fresh Iranian attacks across the Middle East. Wright made the remarks while announcing a release of 172 million barrels from the US Strategic Petroleum Reserve, part of a historic coordinated supply intervention by the world’s largest oil consumers. The conflict, now in its third week, shows no signs of abating.
Iranian forces struck merchant shipping near the Strait of Hormuz and targeted oil and fuel infrastructure in Bahrain, Iraq, and Oman. The Thai-registered Mayuree Naree was among the vessels hit, with three crew members believed trapped. Iraq shut down its oil export ports, and Oman relocated vessels from its Mina Al Fahal terminal after a nearby port came under drone attack.
Brent crude rose 9% during the session to touch $100.29 a barrel before settling around $98. WTI gained 8.6% to $94.75. Oil prices have more than doubled from their year-opening level of around $60, reaching a weekly peak of $119 before partially retreating. Iran’s military compounded market anxiety by warning of $200-per-barrel oil.
The IEA’s unprecedented release of 400 million barrels of emergency crude from its 32 member nations was announced Wednesday. The US release of 172 million barrels would begin within a week and take approximately 120 days to complete. President Trump said the action would help reduce prices as the military campaign against Iran reaches its conclusion.
Goldman Sachs raised its Q4 2026 Brent forecast to $71 a barrel from $66. Deutsche Bank strategist Jim Reid warned of stagflation risk. Japan’s Nikkei fell 1.6% and South Korea’s Kospi lost 1.2%, while European natural gas prices rose 7.7%.