Brent Oil Rises Amid Escalating Middle East Tensions
(MENAFN) Brent crude oil prices climbed past $116 per barrel on Thursday, driven by rising unrest in the Middle East.
By 0900GMT, Brent crude futures had surged roughly 8.5%, following Iran’s attacks on Qatar’s energy infrastructure on Wednesday, according to reports.
Since the beginning of the conflict involving Iran on 28 February, Brent crude futures have jumped more than 50%, largely due to the closure of the Strait of Hormuz, a key passage for international energy shipments.
Israel targeted the Aseluye oil refinery along Iran’s Persian Gulf coastline and also hit facilities connected to the South Pars natural gas field, raising further worries about regional supply.
In response to the assaults on its oil plants, Iran announced that it would strike US-linked oil installations in Saudi Arabia, the UAE, and Qatar and issued an evacuation warning for the oil facilities and their surrounding areas.
By 0900GMT, Brent crude futures had surged roughly 8.5%, following Iran’s attacks on Qatar’s energy infrastructure on Wednesday, according to reports.
Since the beginning of the conflict involving Iran on 28 February, Brent crude futures have jumped more than 50%, largely due to the closure of the Strait of Hormuz, a key passage for international energy shipments.
Israel targeted the Aseluye oil refinery along Iran’s Persian Gulf coastline and also hit facilities connected to the South Pars natural gas field, raising further worries about regional supply.
In response to the assaults on its oil plants, Iran announced that it would strike US-linked oil installations in Saudi Arabia, the UAE, and Qatar and issued an evacuation warning for the oil facilities and their surrounding areas.
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