Global fuel prices spike after Iran hits multiple Gulf oil and gas sites
Newsy
Iran launched a wave of missile and drone attacks on Gulf Arab energy sites, hitting refineries in Saudi Arabia and Kuwait and a Qatari LNG plant, sparking major fires and sending Brent crude to $118.
Iran intensified its attacks on its Gulf Arab neighbors' energy sites Thursday, hitting a Saudi refinery on the Red Sea and setting Qatari liquefied natural gas facilities and two Kuwaiti oil refineries ablaze as it struck back following an Israeli attack on its main natural gas field, a major escalation in the Mideast war that has sent global fuel prices soaring.
Brent crude oil, the international standard, spiked to as high as $118 a barrel, up more than 60% since Israel and the United States started the war Feb. 28 with strikes on Iran.
A ship was set ablaze off the coast of the United Arab Emirates and another was damaged off Qatar, underscoring the ever-present danger also facing vessels due to Iran's stranglehold on the Strait of Hormuz, a strategic waterway through which a fifth of the world's oil is transported.
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Saudi Arabia had begun pumping large volumes of oil west to avoid the strait and ship it from the Red Sea, but the security of that route was called into question after Iran's drone hit the country’s SAMREF refinery in the Red Sea port city of Yanbu.
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