Oil price exceeds $115 per barrel - Global markets react after attacks on energy assets in the Middle East
Oil prices rose on Thursday, with Brent hitting its highest level in more than a week and hovering near $115 a barrel, as Iran attacked energy facilities across the Middle East following Israel's attack on its South Pars gas field. Meanwhile, U.S. crude traded above $100 a barrel.
The U.S. central bank kept interest rates unchanged on Wednesday, forecasting higher inflation as policymakers assess the impact of the U.S.-Israeli war with Iran.
On Wednesday, QatarEnergy said Iranian missile attacks on Ras Laffan, the site of Qatar’s main LNG processing operations, caused “extensive damage” to its energy hub. Saudi Arabia said it had intercepted and destroyed four ballistic missiles fired towards Riyadh and an attempted drone attack on a gas facility. Saudi Aramco’s SAMREF refinery in the Red Sea port of Yanbu was also targeted in an airstrike on Thursday.
The Kuwait Oil Corporation said an operating unit at its Mina al-Ahmadi refinery was hit by a drone, causing a limited fire.
Iran issued evacuation warnings ahead of its attacks on several oil facilities in Saudi Arabia, the United Arab Emirates and Qatar, as it prepared to retaliate for attacks on its own energy infrastructure in South Pars and Asaluyeh.
South Pars is the Iranian sector of the world's largest natural gas field, which Iran shares with U.S. ally Qatar on the other side of the Gulf. Israel carried out the attack on the South Pars gas field, but the United States and Qatar were not involved, President Donald Trump said.
He added that Israel would not further attack Iranian facilities in South Pars unless Iran attacks Qatar and warned that the United States would retaliate if Iran acted against Doha.
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