As global crude oil prices surge past $100 per barrel, Bahrain’s state-owned petroleum company, BAPCO, has officially declared Force Majeure following a series of devastating Iranian drone and missile strikes on its Sitra refinery. This legal clause allows the company to suspend its international export obligations which account for 85% of its production without penalty due to uncontrollable circumstances. The escalation comes amidst the 10th day of joint US-Israeli military operations against Iran, with Tehran reporting strikes on its own refineries while President Trump calls for “unconditional surrender.” As the Middle East teeters on the edge of a wider conflict, Ismail Baghaei of the Iranian Foreign Ministry has warned that ceasefire talks are futile as long as attacks continue, signaling a potential long-term disruption to the global energy supply.
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