"Brent crude spiked more than 5% to almost $110 a barrel on Wednesday after Israel struck the world's largest natural gas reserve in a coordinated operation with the United States. The attack marks the first time Iran's upstream oil and gas infrastructure, as opposed to those in the gulf, has been targeted since the war began on Feb. 28."
"The price moves come on top of what has already been one of the strongest oil rallies in years. Brent has surged roughly 80% since the conflict began, driven largely by the near-total shutdown of tanker traffic through the Strait of Hormuz, the chokepoint that handles about 20% of global oil and gas flows."
"Dubai crude-the pricing benchmark for Asian buyers-hit an all-time high above $150 a barrel last week. Oman crude settled above $152 on Monday. WTI, meanwhile, is trading around $96 in the U.S. That's an unprecedented $50-plus gap for the same commodity, which normally trades much closer together."
Brent crude surged more than 5% to almost $110 a barrel following a coordinated Israeli-US strike on Iran's South Pars natural gas reserve, the world's largest. This marks the first attack on Iran's upstream oil and gas infrastructure since the conflict began February 28. Iran responded by threatening strikes on energy facilities across Saudi Arabia, the UAE, and Qatar, naming specific targets including Saudi Aramco's Samref refinery and Jubail petrochemical complex. Oil prices have already climbed roughly 80% since the war started, driven by near-total shutdown of tanker traffic through the Strait of Hormuz, which handles about 20% of global oil and gas flows. Despite the IEA releasing 400 million barrels from emergency reserves and the US tapping 172 million barrels from the Strategic Petroleum Reserve, prices remain elevated. Gas prices reached their highest levels since 2023. Asian crude benchmarks like Dubai crude hit all-time highs above $150 per barrel, creating an unprecedented $50-plus gap with US WTI crude trading around $96.
#oil-price-surge #iran-israel-conflict #energy-infrastructure-attacks #global-oil-supply-disruption #crude-oil-benchmarks
Read at Fortune
Unable to calculate read time
Collection
[
|
...
]