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Escalating Attacks in Strait of Hormuz Spike Oil Prices

3/12/2026

33 5 Full Breakdown

Summary

Story summary

On March 11, the Thai carrier Mayuree Naree was struck by unidentified projectiles in the Strait of Hormuz.
The Iranian Revolutionary Guard Corps (IRGC) claimed responsibility for some attacks and warned vessels ignoring directives would be targeted.
Iraq's oil ports shut down and global oil prices rose above $100 per barrel.
The United States and G7 nations weigh escorts to protect cargo ships through the Strait of Hormuz.

History

Historical Context

The Gulf of Tonkin Incident in August 1964 marked a pivotal escalation in U.S. involvement in Vietnam, following alleged attacks on U.S. Navy ships by North Vietnamese forces. The U.S. Congress passed the Gulf of Tonkin Resolution on August 7, granting President Lyndon B. Johnson authority to use military force without a formal declaration of war, leading to significant troop deployments and intensified conflict in Southeast Asia.

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Story summary

On March 11, the Thai carrier Mayuree Naree was struck by unidentified projectiles in the Strait of Hormuz.
The Iranian Revolutionary Guard Corps (IRGC) claimed responsibility for some attacks and warned vessels ignoring directives would be targeted.
Iraq's oil ports shut down and global oil prices rose above $100 per barrel.
The United States and G7 nations weigh escorts to protect cargo ships through the Strait of Hormuz.

1 / 2