News Desk
LONDON: Oil prices have soared past $119 per barrel following fresh attacks on energy installations across the Middle East, as Iran retaliated against Israel’s strike on its South Pars gas field by targeting critical infrastructure in Gulf states. Benchmark Brent crude jumped more than $11 during Thursday’s session to reach a high of $119.13 per barrel, approaching the three-and-a-half year peak touched on March 9, while US West Texas Intermediate crude rose 7 cents to $96.39 per barrel after briefly trading above $100 with a nearly $4 gain .
The escalation marks a major widening of the conflict, with Middle East benchmarks Dubai and Oman crude premiums surging to around $65 per barrel, their highest levels ever . European natural gas prices skyrocketed 35 percent in a single day following Iran’s attack on Qatar’s Ras Laffan LNG facility, the world’s largest liquefied natural gas export complex, which sustained significant damage and fire. Dutch TTF futures, Europe’s gas benchmark, jumped 24.13 percent to €67.85 per megawatt-hour after earlier gains reached the 35 percent mark, doubling from pre-war levels .
QatarEnergy CEO Saad al-Kaabi confirmed that the Iranian missile strikes damaged facilities responsible for 17 percent of the company’s LNG export capacity, warning that repairs could take three to five years. “I never in my wildest dreams would have thought that Qatar would be, Qatar and the region, in such an attack, especially from a brotherly Muslim country in the month of Ramadan, attacking us in this way,” he told Reuters . Qatar’s foreign ministry subsequently ordered Iranian security and military attaches to leave the country within 24 hours, declaring them persona non grata .
US President Donald Trump warned Iran against further attacks on Qatari LNG facilities, threatening to “massively blow up the entirety of the South Pars Gas Field” if Tehran does not comply. Trump insisted Washington “knew nothing” of Israel’s initial strike on the gas field . Meanwhile, trading sources and Reuters data showed Middle East benchmarks at unprecedented levels, with the Strait of Hormuz effectively closed to shipping, disrupting approximately 16.1 million barrels per day of crude oil flows and sending physical crude prices in Asia to $166.80 per barrel for Oman and Dubai grades . Treasury Secretary Scott Bessent touted US energy independence as a buffer, noting American crude remains well-supplied while Asian buyers reliant on Middle Eastern barrels face severe supply disruptions .
