Iran tensions coincide with oil topping $100 a barrel

Officials reported attacks on ships and airstrikes across parts of the Middle East while oil prices rose above $100 a barrel; some export terminals were closed and major economies pledged a coordinated release of emergency reserves.

Reports describe a series of attacks and strikes across parts of the Middle East amid heightened tensions involving Iran. Authorities say merchant vessels were hit in the Persian Gulf and airstrikes were reported in multiple cities. Security concerns prompted the temporary closure of some oil export terminals. Major economies announced a coordinated release of emergency oil reserves as markets reacted. Reported developments: - Iranian officials announced they would not allow shipments that benefit the United States and its allies to transit the Strait of Hormuz, according to published reports. - A British maritime agency reported three merchant ships in the Persian Gulf were struck by unknown projectiles; sources of those strikes were not immediately clear. - Security concerns led to the closure of export terminals in Oman and Iraq, and oil prices rose above $100 a barrel while U.S. gasoline prices were reported to have climbed for several days. - Several countries announced interception of incoming threats and a coordinated pledge by major economies to release a total of 400 million barrels from emergency reserves; the effects on markets were ongoing. Summary: The reported attacks, terminal closures, and geopolitical statements have contributed to a rise in oil prices and prompted an international release of emergency reserves. Undetermined at this time.