More tankers came under attack in Gulf waters on Thursday as the U.S.–Iran war escalated and Iranian drones entered Azerbaijan, sending oil prices higher and raising fears of disruption to global energy supplies. The waterway is a key artery for around a fifth of the world's oil and LNG supply. Oil prices extended their rally on Thursday, climbing around 3%. Qatar, which provides 20% of the world's LNG supply, halted gas production earlier this week due to the conflict. Other major producers such as the U.S. and Australia have little spare capacity to offset this lost supply, according to Reuters calculations and industry analysts.

Source: The Telegraph March 05, 2026 18:20 UTC