Trump Demands Halt to Energy Attacks Amid Record Oil Prices

The ongoing conflict in the Middle East has escalated, with U.S. President Donald Trump calling on Israel and Iran to cease attacks on energy facilities. This comes as Brent crude oil prices rose more than 10% to a high of $119 per barrel on Thursday.

Tehran responded to Israel's attack on the South Pars gas field by targeting major facilities in the region, including Qatar's Ras Laffan Industrial City. The facility, which is home to the world's largest export plant for liquefied natural gas, suffered extensive damage after an Iranian missile strike sparked a fire.

Saudi Arabia reported that its Samref refinery was hit by a drone on Thursday, while the United Arab Emirates shut down a major gas facility due to falling debris from missiles. Trump warned Iran that if it continues to target Qatar's LNG assets, the U.S. would 'massively blow up' the South Pars Gas Field.

The global oil market is feeling the pressure of the conflict, with Brent crude rising more than 67% since the start of the war and European natural gas prices increasing by as much as 35%. The ongoing disruptions to energy infrastructure and supply are causing fuel costs to soar globally, with U.S. gasoline prices reaching a two-year high of $3.84 per gallon.