❓WHAT HAPPENED: Iran launched explosive suicide boats at fuel tankers off the coast of Basra, Iraq, escalating an oil crisis and setting two tankers ablaze.
👤WHO WAS INVOLVED: The Islamic Revolutionary Guard Corps (IRGC), U.S. and European-linked vessels, Iran, and Iraq.
📍WHEN & WHERE: Attacks occurred late Wednesday in the Persian Gulf just off the coast of Basra, Iraq.
🎯IMPACT: Global energy prices have surged, with oil nearing $91 per barrel and gas prices rising to $3.6 per gallon.
Iranian suicide boats reportedly struck two oil tankers on March 11, the Safesea Vishnu and Zefyros, in Iraqi waters just off the coast of Basra, setting both vessels on fire and leaving at least one person dead. The attacks are a significant escalation from prior tanker attacks, which occurred in the Strait of Hormuz, as both ships were located about 500 to 600 miles northwest of the Strait in Iraqi territorial waters.
A video released by Iran appears to show explosions striking the Safesea Vishnu. In the footage, a man shouting in Farsi can be heard yelling: “Allah is the greatest!” The newest strikes bring the number of vessels attacked in the region to at least 16 since the conflict began.
Reports of an unknown oil tanker currently engulfed in flames off the coast of Basra in Southern Iraq. pic.twitter.com/RdoyYYjQRE
— OSINTdefender (@sentdefender) March 11, 2026
The attacks suggest that Iran is no longer just targeting oil tankers attempting to transit the Strait of Hormuz, but rather, is now hitting shipping that is moored anywhere in the Persian Gulf. Concerningly, Brent Crude oil prices climbed to over $95 follow the attack off the coast of Iraq. Meanwhile, average U.S. gasoline prices have risen to about $3.60 per gallon, up from roughly $2.90 before the conflict escalated. The price spike reflects growing concerns that sustained instability in the Gulf could disrupt global oil flows.
Notably, oil and gas prices were already climbing after the U.S. and Israel began military strikes against Iran’s Islamist regime on February 28. However, after the Islamic Republic’s Islamic Revolutionary Guard Corps (IRGC) began attacking ships directly in the Strait of Hormuz over the weekend, oil prices have seen extreme volatility. This volatility prompted the International Energy Agency (IEA) on Tuesday to announce the largest release of emergency oil stocks in its history, making 400 million barrels available to the global market to cushion price spikes and prevent potential temporary refinery closures—especially in Asia.
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