Oil Prices Spike Near $110 on Middle East Attack Fears

Oil prices surged again today, driven by fresh concerns over attacks on key energy infrastructure in the Middle East. North Sea Brent crude climbed over 6%, nearing $110 per barrel shortly after 15:30 CET. Meanwhile, US light crude West Texas Intermediate (WTI) rose around 3%, exceeding $99 per barrel.

The price spike followed reports from Iranian news agency Tasnim that oil facilities in Iran had been targeted. Iran’s Revolutionary Guards also urged the evacuation of some oil sites in Saudi Arabia, the United Arab Emirates, and Qatar. Analyst Ole Hvalbye of SEB warned that further attacks on energy infrastructure would likely push prices even higher.

The current conflict in the Middle East began in late February after US-Israeli strikes on Iran. The unrest has disrupted shipping through the Strait of Hormuz, a critical chokepoint for global oil and gas supplies. The strait typically handles about a fifth of the world’s energy exports, and the supply concerns briefly pushed Brent prices close to $120 per barrel earlier this month.

Oil prices had risen nearly 3% on Tuesday but initially dipped today after reports that Iraq was resuming oil exports through a Kurdish-inhabited pipeline. Analysts noted, however, that this development offered limited relief, as Iraqi production remains significantly below normal levels and Strait of Hormuz shipments are still heavily restricted.