Crude oil prices surge on Middle East attack fears
Crude oil prices surged sharply on reports of renewed attacks on key energy facilities in the Middle East. North Sea Brent crude jumped more than six percent shortly after 15:30 CET, nearing $110 per barrel. Meanwhile, US light crude West Texas Intermediate (WTI) rose by around three percent, exceeding $99 per barrel.
The price spike came after facilities in Iran’s oil industry were targeted. Iran’s Islamic Revolutionary Guards Corps (IRGC) warned of potential evacuations at oil sites in Saudi Arabia, the United Arab Emirates, and Qatar. Analyst Ole Hvalbye of SEB cautioned that further attacks on energy infrastructure would likely push prices even higher.
The broader conflict in the region was ignited in late February by US-Israeli strikes on Iran. The ongoing tensions have disrupted shipping through the Strait of Hormuz, a critical route for global oil and natural gas supplies. Normally, about a fifth of the world’s energy supplies pass through the strait. Concerns over supply shortages earlier this month briefly drove Brent prices close to $120 per barrel.