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Iran intensified pressure on global energy markets Wednesday by targeting commercial shipping in the Strait of Hormuz, while major economies moved to release strategic oil reserves to counter mounting supply fears as the Middle East war entered its second week. 

Iran’s Islamic Revolutionary Guard Corps (IRGC) said it had struck two commercial vessels, the Liberian-flagged container ship Express Rome and the Thai bulk carrier Mayuree Naree, after they allegedly ignored warnings from Iranian naval forces while transiting the strategic waterway.

Thailand’s navy confirmed the attack on the Mayuree Naree, saying the vessel came under fire while crossing the strait. Oman’s navy rescued 20 crew members, while search operations continued for three others still missing.

Images released by Thai authorities showed heavy smoke rising from the vessel after the attack.

Reuters also reported that the Japan-flagged container ship One Majesty sustained minor damage after it was hit by ⁠a projectile ​25 nautical miles northwest of UAE's Ras Al Khaimah. Likewise, the hull of Marshall ​Islands-flagged bulk carrier Star Gwyneth, was damaged after being hit by a projectile 50 nautical miles northwest of Dubai, maritime risk management company Vanguard said. ​

IRGC naval commander Alireza Tangsiri warned that ships attempting to pass through the strait must now obtain authorization from Iranian authorities.

“Any vessel intending to pass must get permission from Iran,” he said in a statement posted on social media.

Iran’s military command also warned on state television that vessels linked to the United States, Israel, or their allies could be treated as legitimate targets as the conflict escalates.

Global Energy Response

The attacks prompted an urgent response from major economies concerned about the potential disruption of global energy supplies.

Leaders of the Group of Seven (G7) held an emergency video conference to coordinate a potential release of strategic petroleum reserves in an effort to stabilize markets.

Germany’s energy minister, Katherina Reiche, said the International Energy Agency (IEA) had requested member states prepare to release roughly 400 million barrels from emergency reserves.

Japan signaled it may move quickly, with Prime Minister Sanae Takaichi saying Tokyo was prepared to release oil from its reserves as early as next week even without a formal IEA decision.

Energy markets have been volatile since the outbreak of the war between Iran and the U.S.–Israeli alliance at the end of February, when coordinated strikes killed Iran’s supreme leader and triggered a wider regional conflict.

U.S. Strikes Iranian Mine-Laying Fleet

The United States has also stepped up operations aimed at preventing Iran from blocking the Strait of Hormuz.

The Pentagon said Tuesday that U.S. forces destroyed 16 Iranian vessels capable of laying naval mines, weapons that could potentially shut down the narrow shipping corridor. CBS has previously reported that the country was using smaller craft that can carry two to three mines at a time.

Washington has warned Tehran that deploying mines in the strait would provoke severe military retaliation.

Security Concerns Spread to Financial Sector

Heightened regional tensions are also affecting international businesses operating in the Gulf.

The U.S. financial services group Citigroup ordered employees to evacuate offices in Dubai on Wednesday after Iran threatened to target banks linked to the United States or Israel.

According to people familiar with the move, employees were asked to leave Citi offices in both the Dubai International Financial Centre (DIFC) and the Oud Metha district as a precautionary measure.

Staff at several other companies in the financial hub also temporarily evacuated their offices.

Strategic Waterway at Risk

The Strait of Hormuz remains one of the most strategically important energy corridors in the world, connecting Gulf oil and gas exporters to global markets.

Security analysts warn that even limited attacks or threats could significantly disrupt maritime traffic and drive energy prices higher.

According to the Soufan Center, Iran is believed to possess between 2,000 and 6,000 naval mines, which could complicate any international naval effort to secure the waterway if the conflict escalates further.

With military pressure mounting and governments scrambling to shield the global economy from a supply shock, the Strait of Hormuz is rapidly becoming the central economic front of the widening Middle East war.