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Oil prices jump following first attacks on Iranian production facilities
Israeli strikes on Iran's South Pars gas field halted gas flows to Iraq and pushed Brent crude oil prices over $110 a barrel, marking the first attack on Iranian energy production.
- On Wednesday, U.S. and Israeli forces struck Iran's South Pars offshore gas field and the Asaluyeh processing complex, causing significant fires in the first reported attack on Iranian production facilities during the war.
- Israel and the U.S. previously avoided targeting Iran's upstream energy production over fears of global economic disruption, but the escalating conflict has now pushed them to strike critical infrastructure.
- Brent crude surged more than 6% to nearly $110 a barrel following the strike, while European natural gas prices jumped nearly 8%, reflecting immediate market fears of supply disruption.
- Iran's Revolutionary Guards retaliated by warning residents at energy facilities in Saudi Arabia, the United Arab Emirates, and Qatar to evacuate, declaring them "direct and legitimate targets" for strikes "in the coming hours."
- Foreign ministers from Arab and Muslim-majority countries are gathering in Riyadh on Wednesday to discuss the crisis as regional instability threatens to further tighten global energy supplies.
337 Articles
337 Articles
Israeli, Iranian strikes on energy facilities rattle markets
To discuss the number of petroleum facilities that have been struck, and how the countries in the Persian Gulf view the war in Iran, Geoff Bennett spoke with Susan Ziadeh. She served as U.S. ambassador to Qatar during the Obama administration and is now a senior adviser at the Center for Strategic and International Studies.
US, ‘Israel’ Attack Gas Facilities at Iran’s South Pars Field
Tasnim news agency reports that US and Israeli forces attacked oil industry facilities at Iran’s South Pars field and Asaluyeh region, marking an escalation in the targeting of the country’s energy infrastructure amid ongoing regional war. Oil industry facilities at the South Pars field and in the Asaluyeh region in southern Iran have been attacked, the Tasnim news agency reported on Wednesday. According to reports, US and “Israel” attacked gas …
The war with Iran has driven oil prices to their highest levels in years. Now, a wave of attacks in the last 24 hours against energy production facilities across the Middle East has put the…
The war in the Middle East continues without signs of de-escalation, with an increase in the intensity of attacks between Iran and Israel and the indirect involvement of the United States in the conflict. In recent days, the bombings have targeted strategic objectives, including energy infrastructure, which represents a qualitative leap in confrontation and raises the risk of a wider regional crisis. Donald Trump has assured that Israel will not…
Iran war prompts global energy rethink that favours China
Oil prices surged about 10 per cent and Chinese stocks fell on Thursday as widening conflict in the Middle East created new concerns about global energy supplies. Brent crude, the global benchmark, touched US$117 a barrel, having risen 60 per cent since the US and Israel first attacked Iran on February 28. Hong Kong’s Hang Seng Index and the mainland CSI 300 both fell about 2 per cent. Prices of crude oil and gas jumped after Israel bombed Iran’…
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