Three more ships hit in the Gulf as Iran warns of oil hitting $200

As attacks on ships sailing through or near the strategically important Strait of Hormuz intensify, three foreign ships were struck in the Persian Gulf overnight.

The latest incidents come after three separate ships were damaged in Gulf waters on Wednesday and Iran warned that oil prices could rise to $200 a barrel.

A container ship was hit by an unidentified projectile about 35 nautical miles north of Jebel Ali, a major port city near Dubai in the United Arab Emirates, the United Kingdom Maritime Trade Operations (UKMTO) Center said on Thursday. The incident caused a small fire on the plane and all crew members are reported to be safe.

Earlier two foreign oil tankers were shot down in Iraqi waters near Umm Qasr port near Basra city.

At least one person was killed in the attack and 38 crew members were rescued from the ships, according to multiple media reports citing Iraqi port authorities. Iraq’s General Company for Ports was not immediately available to comment when contacted by CNBC.

Shipping through the Strait of Hormuz has come to a virtual halt since the US and Israel launched airstrikes on Iran on February 28. Iran has retaliated by targeting ships trying to pass through the strait, with several incidents reported in recent days.

The narrow waterway is an important maritime corridor connecting the Persian Gulf and the Gulf of Oman. Approximately 20% of global oil and gas typically passes through it.

Attacks on commercial shipping in the Gulf have raised fears of a prolonged economic shock.

“Be prepared for $200 a barrel oil, because oil prices depend on regional security, you have destabilized,” Ibrahim Zolfakari, a spokesman for Iran’s military command, said on Wednesday, according to Reuters.

Crude prices were sharply higher on Thursday morning as traders closely monitored supply risks and appeared to be reeling from the International Energy Agency’s push to release a record 400 million barrels of oil.

International standard Brent crude futures With May delivery up 5.7% to $97.16 per barrel, while U.S. West Texas Intermediate Futures April delivery was up 5.3% at $91.88.

The IEA did not set a time Wednesday for when the shares will hit the market. It said the reserves would be released in a time frame appropriate to the circumstances of each of its 32 member states.