Iran Conflict Drives Oil Prices Above $100/Barrel Amid Fears of Disruptions

Oil prices surged on Wednesday after Iran's Revolutionary Guards threatened several energy facilities in Saudi Arabia, UAE, and Qatar, sparking concerns of further disruptions to global energy supplies.

Brent crude futures rose by over 4% to settle above $100 per barrel for the fourth consecutive session, while US West Texas Intermediate crude gained 2% to $98.12 a barrel.

SEB analyst Ole Hvalbye noted that attacks on Iran's South Pars field were boosting oil and gas prices, and any further escalations of attacks to energy infrastructure would continue to raise prices.

Meanwhile, Iraq announced that exports had resumed via pipeline after an agreement between Baghdad and the Kurdistan Regional Government to restart flows, although supply relief remains limited due to ongoing production issues in Iraq's main southern oilfields.