Global oil prices jumped sharply on Thursday after Iran launched attacks on key energy facilities across the Middle East, marking a significant escalation in its conflict with the United States and Israel.
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Brent crude futures rose by $3.69, or 3.44%, to $111.07 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $2.29, or 2.38%, to $98.61. The surge follows a strong close for Brent in the previous session, while WTI remained relatively flat.
The price rally comes amid heightened tensions after Iran targeted multiple energy sites in retaliation for strikes on its South Pars gas field—part of the world’s largest natural gas reserve shared with Qatar.
QatarEnergy reported “extensive damage” to facilities at Ras Laffan, the country’s main liquefied natural gas hub, following missile strikes. Meanwhile, the United Arab Emirates suspended operations at key sites, including the Habshan gas facility and Bab oil field, after debris from intercepted missiles caused disruptions.
Saudi Arabia also confirmed that it intercepted four ballistic missiles aimed at Riyadh, along with a drone attack targeting a gas facility.
Iran had issued evacuation warnings prior to its strikes on oil and gas infrastructure in Saudi Arabia, the UAE, and Qatar, signaling a coordinated retaliation for earlier attacks on its own energy assets in South Pars and Asaluyeh.
Analysts say oil prices are likely to remain elevated as tensions intensify, with no immediate signs of de-escalation or reopening of the Strait of Hormuz—a critical corridor for global energy supplies.
Adding to concerns, Donald Trump is reportedly considering deploying additional U.S. troops to the region, with options including securing safe passage for oil tankers through the strategic waterway.
Market experts warn that continued attacks on energy infrastructure and uncertainty in the region could sustain volatility in global oil markets in the coming weeks.
