The attacks followed nearly two weeks of conflict triggered by joint U.S. and Israeli air strikes on Iran, a war that has killed around 2,000 people and sent shockwaves through global energy and shipping markets. The United Nations Children’s Fund (UNICEF) said more than 1,100 children were among those killed or injured in the fighting.

Maritime security sources and port officials said explosive-laden Iranian boats appeared to have struck two fuel tankers in Iraqi waters, igniting fires and killing one crew member. Projectiles also hit three merchant vessels in Gulf waters, according to maritime risk monitoring firms tracking the incidents.

Oil prices rose nearly 5% on Wednesday and extended gains in Asian trading on Thursday as traders assessed the risk of prolonged supply disruptions in one of the world’s most critical energy corridors.

Crude had surged to nearly $120 a barrel earlier in the week before easing to around $90, but renewed attacks on shipping raised fears of further volatility. Global equities also reacted to the tension, with Wall Street’s main indexes falling and Asian stocks following the downward trend.

Tony Sycamore, an analyst at IG, said the tanker attacks appeared to coincide with efforts by energy authorities to stabilize markets.“This appears to mark a direct and forceful Iranian response to the IEA’s overnight announcement of a massive strategic reserve release aimed at cooling runaway prices,” Sycamore said.

Iran signaled it intends to inflict sustained economic pressure as the conflict spreads across the Middle East. A spokesperson for Iran’s military command warned the United States that oil prices could soar dramatically.

“Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised,” the spokesperson said in remarks reported on Wednesday.

The war has already prompted governments to prepare what could become the largest coordinated release of strategic oil reserves since the 1970s in an attempt to cushion the global economy from an escalating fuel shock.

Speaking at a campaign-style rally in Kentucky ahead of November midterm elections, where his Republican Party is trailing in several races, Trump said the United States had prevailed militarily but suggested operations might continue.

“We don’t want to leave early do we?” Trump said on Wednesday. “We got to finish the job.

”The conflict has widened beyond Iran’s territory to shipping lanes and energy infrastructure across the region, heightening concerns among governments and markets about the stability of global oil supply and maritime trade routes.

The Paris-based agency is expected to publish the recommendation at 1300 GMT on Wednesday, shortly before leaders of the Group of Seven hold a virtual meeting chaired by Emmanuel Macron to discuss coordinated measures to stabilize energy markets.

A source said the proposed release would be spread over at least two months. Sara Aagesen, Spain’s energy minister, said participating countries could have up to 90 days to release the volume if the plan is adopted.

Aagesen described the proposal as unprecedented in scale compared with previous coordinated actions. During the energy shock following the Russian invasion of Ukraine, around 182 million barrels were released from strategic reserves, she said.

The current proposal would more than double that amount, reflecting concerns among major economies about the impact of the Iran conflict on global oil markets and energy security.

The International Energy Agency coordinates emergency oil stockpiles among major consumer nations, a system established after the oil shocks of the 1970s to provide a buffer against severe supply disruptions.

Leaders of the Group of Seven are scheduled to discuss the proposal in a meeting led by France on Wednesday after the bloc’s energy ministers voiced support for using strategic reserves to counter market volatility.

“In principle, we support the implementation of proactive measures to address the situation, including the use of strategic reserves,” G7 energy ministers said in a joint position.

A G7 source told Reuters that while there is currently no physical shortage of crude oil among member states, sharply rising prices and market volatility have prompted governments to consider coordinated intervention.

Oil prices initially surged following the escalation of the U.S.-Israeli conflict with Iran, though markets later rebounded as traders questioned how effective a large reserve release would be in easing supply concerns.