Iraq's oil minister: The tankers targeted on Wednesday did not belong to Iraq and were carrying naphtha

Iraq’s Oil Minister Hayan Abdul-Ghani stated on March 12 that the two tankers attacked off Iraq’s southern coast did not belong to Iraq and were carrying naphtha, a petrochemical feedstock, when struck. The minister emphasized that the vessels—ZEFYROS (Maltese-flagged) and SAFESEA VISHNU (Marshall Islands-flagged)—were operating under third-party ownership and had falsified Iraqi documentation, according to the Iraqi State Organization for Marketing of Oil (SOMO). The attacks, attributed to Iranian boats laden with explosives, resulted in one crew member’s death and 38 rescues, with search efforts ongoing for missing personnel as reported.

The incidents occurred amid escalating regional tensions, with the Strait of Hormuz—critical for 20% of global oil exports—effectively closed to tankers due to security risks according to reports. Iraq’s oil ministry reiterated concerns over the safety of maritime energy corridors, urging de-escalation to prevent disruptions to global supplies as stated. Meanwhile, U.S. and Israeli strikes on Iran have triggered retaliatory attacks, including strikes on three Gulf vessels earlier Thursday, further destabilizing trade routes according to The New York Times.

Brent crude prices surged above $100 a barrel, reflecting fears of prolonged supply disruptions, despite a coordinated 400-million-barrel reserve release by the International Energy Agency as reported. Iraqi authorities have suspended oil terminal operations for security reasons, compounding market anxieties according to Argus Media. The U.S. Energy Department announced plans to release 172 million barrels from its strategic reserves over four months, aiming to stabilize prices as reported.

Abdul-Ghani’s comments underscore Baghdad’s efforts to distance itself from accusations of facilitating Iranian oil smuggling, as Washington intensifies pressure on Tehran through sanctions and military actions according to Atalayar. The situation highlights the fragility of Middle Eastern energy infrastructure amid ongoing geopolitical conflict.