Oil prices surge after Israeli strike on Iran’s South Pars gasfield
Al Jazeera
There are fears that a period of elevated oil and gas prices could trigger a damaging wave of global inflation.
Oil prices have risen more than 5 percent following an Israeli strike on Iran’s South Pars gasfield as the United States-Israeli war on the country continues to escalate.
Brent crude, the international standard, rose 5 percent to $108.66 a barrel on Wednesday, while US West Texas Intermediate crude CLc1, the price barometer for US oil, gained 2.5 percent to $98.65, widening its discount to Brent to the largest since May 2019 on fears of a prolonged conflict.
Iranian state media reported that natural gas facilities associated with its offshore South Pars field – the largest gasfield in the world, located off the coast of southern Iran’s Bushehr province – were attacked.
Promptly after, Iran’s Revolutionary Guard threatened to attack oil and gas infrastructure in Qatar, Saudi Arabia and the United Arab Emirates, heightening the risk of further disruptions to energy supplies in the region.
Later on Wednesday, Qatari authorities reported a fire at the country’s Ras Laffan gas facility after an Iranian ballistic missile attack. Qatar’s Interior Ministry later said the fire had been brought under control.
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