Oil jumps above $115/bbl after attacks on Mideast energy assets multiply
On March 19 in London, oil prices surged, with Brent reaching its highest level in over a week at over $115 per barrel, following Iran ’ s attack on energy sites across the Middle East after Israel struck its South Pars gas field- a significant escalation in the conflict.
Brent futures increased by $ 6. 08, or 5. 7%, to $ 113. 46 per barrel at 0814 GMT, after rising nearly $8 earlier to a session high of $ 115. 10, the highest since March 9. U.
S. West Texas Intermediate (WTI) crude gained 57 cents, or 0. 6%, to $96.89. 89 per barrel, after earlier climbing nearly $4 to $ 100. 02.
WTI’ s discount to Brent has widened to its largest in 11 years due to U. S. strategic reserve releases and rising freight costs, with renewed Middle Eastern attacks supporting Brent.
Analyst Priyanka Sachdeva noted that escalation and targeted attacks on oil infrastructure, along with the death of Iranian leadership, suggest ongoing disruptions in oil supplies.
The Federal Reserve maintained steady interest rates, amid hawkish signals and concerns about the economic impact of the war.
The U. S. central bank kept rates unchanged on Wednesday, anticipating higher inflation as the impact of the U. S.- Israel- Iran conflict is assessed.
QatarEnergy reported extensive damage from Iranian missile attacks on Ras Laffan, Qatar’ s key LNG site.
Saudi Arabia intercepted and destroyed four ballistic missiles targeting Riyadh, along with an attempted drone attack on a gas facility.
The Saudi Aramco SAMREF refinery in Yanbu was also targeted.
Kuwait Petroleum confirmed a drone strike at its Mina al- Ahmadi refinery, causing a small fire.
Iran issued evacuation warnings before launching attacks on multiple oil facilities in Saudi Arabia, the UAE, and Qatar as retaliation for strikes on South Pars and Asaluyeh
– the Iranian section of the world’ s largest natural gas deposit, shared with Qatar.
President Donald Trump stated late Wednesday that Israel conducted the attack on South Pars without US or Qatari involvement, and that Israel would not target Iranian facilities further unless Iran attacked Qatar, warning of US responses if Iran acted against Doha.
Reuters reported earlier that the Trump administration is considering deploying thousands of U. S. troops to bolster its Middle East operations amid preparations against Iran.
Additional reporting was provided by journalists in Beijing, Singapore, and editors in London.
