Iraq reportedly suspends oil terminal operations after two tankers hit by explosive-laden boats in Iraqi waters.

The conflict has spread across the Middle East and prompted plans for a record release of strategic oil reserves to dampen one of the worst fuel shocks since the 1970s.

Iranian explosive-laden boats appear to have attacked two fuel tankers in Iraqi waters, as oil prices surge past $100 a barrel again. The attack set the tankers ablaze, killing…