Suddenly, a sharp surge! Iran launches missile strikes!

The situation in the Middle East remains tense.

Today, international oil prices surged sharply; as of the time of writing, WTI crude oil futures rose over 4%, and Brent crude oil futures increased by more than 3%. According to the latest report from CCTV, a Turkish oil tanker named “ALTURA” was attacked by a drone in the Black Sea, 15 miles from the Istanbul Strait. Additionally, Iran announced that it launched a missile strike toward Israel, marking the second round of missile attacks that day.

Meanwhile, news about Iraq’s oil production cuts continues to impact the energy market. Officials from Iraq’s energy sector stated that due to the de facto blockade of the Strait of Hormuz, Iraq cannot export crude oil through that strait, and storage capacity is nearly exhausted, forcing the country to reduce oil output, with production from its southern major oil fields dropping by 80%.

An Oil Tanker Attacked

On the news front, according to CCTV, a Turkish oil tanker named “ALTURA” was attacked by a drone in the Black Sea, 15 miles from the Istanbul Strait.

It is understood that the tanker was carrying 140,000 tons of crude oil departing from Russia, destined for Turkey. The attack caused a violent explosion, damaging the ship’s bridge and upper structures, and flooding the engine room.

After receiving an emergency distress signal from the tanker, the Turkish Coast Guard promptly dispatched coast guard and emergency rescue vessels to the scene. It is reported that there are 27 Turkish crew members on board, with no casualties reported so far.

Additionally, Iran stated on March 26 local time that it had launched a missile strike toward Israel, marking the second missile attack of the day.

That day, air raid sirens sounded in Tel Aviv and central Israel. Jerusalem also issued alerts.

On March 26 local time, a spokesperson for Iran’s Islamic Revolutionary Guard Corps’ Khatam al-Anbia Central Command announced the operational status of the “Real Commitment-4” operation on its 26th day, stating that Iran conducted sustained strikes against Israeli and U.S. military targets in the region during the 79th, 80th, and 81st rounds of military operations.

The spokesperson said that during the 79th round, Iran’s Islamic Revolutionary Guard Corps targeted Israeli facilities in Eilat and military satellite reception facilities, and launched missile and drone attacks against multiple U.S. military sites including the Al-Azraq Air Base in Jordan, Sheikh Isa Air Base in Bahrain, Ali Salem Air Base in Kuwait, and Udairi Base; during the 80th round, Iran targeted multiple military and security targets in northern Israel; during the 81st round, using missiles such as Emad, Quds, Khorramshahr-4, and Qader, Iran struck over 70 targets including Haifa, Dimona, and Hadera.

The spokesperson also claimed that Iran’s air defense system shot down a U.S. F-18 fighter jet in the Chabahar region. Meanwhile, Iran’s military launched missile strikes against U.S. forces and allied armed groups in the Erbil region of Iraq, and fired Qader cruise missiles at the U.S. Abraham Lincoln carrier strike group, forcing it to change its deployment.

Iraq’s Southern Oil Fields’ Production Drops by 80%

On March 26, according to Xinhua News Agency, an Iraqi energy official stated on the 25th that due to the de facto blockade of the Strait of Hormuz, Iraq cannot export crude oil through that strait, and storage is nearly full, forcing the country to cut oil production, with output from its southern major oil fields plummeting by 80%.

Reuters cited three Iraqi energy officials as saying that production from Iraq’s southern major oil fields has decreased by about 80%, down to approximately 800,000 barrels per day. Before the U.S. and Israel launched strikes against Iran, these fields produced about 4.3 million barrels daily. Earlier this month, industry sources revealed that production had already fallen by about 70%, to an average of around 1.3 million barrels per day.

These officials said Iraq decided to continue reducing production from the 24th and has sent notices to relevant energy companies. Iraq requested BP to cut Rumaila oil field’s daily output from about 450,000 barrels to around 350,000 barrels; it asked Eni to reduce Zubair oil field’s daily output from 330,000 barrels to 260,000 barrels. Additionally, sources indicate that Iraq has significantly cut production at several state-owned oil fields.

Iraq’s revenue from oil exports accounts for about 90%, mainly from the southern oil-producing regions. Before the conflict with Iran escalated, Iraq’s daily crude exports were about 3.5 million barrels, mostly shipped through the Strait of Hormuz.

Last week, Iraq announced that it had “opened up” another crude oil export route: a land pipeline connecting the northern Kurdish region with the southern Turkish port of Ceyhan, transporting crude from the Kirkuk oil field in the north to the Mediterranean. The Northern Oil Company of Iraq said initial capacity was 250,000 barrels per day.

Iraq’s energy officials warned that if shipping conditions in the Strait of Hormuz do not improve, further production cuts could be announced in the coming days.

Formatting: Luo Xiaoxia

Proofreading: Su Huanwen