Oil Prices Surge After Iran Strikes Middle East Energy Facilities

BEIJING – Oil prices jumped sharply after Iran attacked several energy facilities across the Middle East. The strikes followed a U.S.-Israeli attack on Iran’s South Pars gas field. The escalation has intensified regional tensions and disrupted energy markets.

Brent crude rose $3.69, or 3.44%, reaching $111.07 per barrel. U.S. West Texas Intermediate (WTI) crude increased $2.29, or 2.38%, to $98.61 per barrel. Brent had already closed up 3.8% on Wednesday, while WTI settled nearly flat.

The WTI-Brent discount is the widest in 11 years. U.S. strategic reserve releases and higher freight costs contributed to WTI’s relative weakness. Renewed attacks on Middle Eastern energy facilities provided stronger support to Brent prices.

QatarEnergy reported extensive damage to its Ras Laffan LNG hub after Iranian missile attacks. The facility is a key site for Qatar’s liquefied natural gas operations. The attacks have raised concerns about global energy supply and security.

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The UAE also suspended some energy operations. Falling debris from intercepted missiles affected the Habshan gas facilities and the Bab oil field. Saudi Arabia intercepted and destroyed four ballistic missiles targeting Riyadh, along with a drone attack on a gas facility.

Iran had issued evacuation warnings for several energy facilities in Saudi Arabia, the UAE, and Qatar. The attacks were retaliation for strikes on Iran’s South Pars and Asaluyeh energy sites. South Pars is part of the world’s largest natural gas field, shared with Qatar.

Analysts predict oil prices will remain supported amid regional instability. U.S. sources report that the Trump administration is considering deploying thousands of troops to secure the Strait of Hormuz. This could involve naval and air operations to protect oil tankers from further attacks.