Oil surges past $110 per barrel after gas fields hit by airstrikes

International

OIL prices jumped above $110 per barrel after a reported airstrike hit a major gas facility in Iran, raising concerns about global energy supply.

According to a BBC report, Brent crude briefly reached around $112, more than 5% higher than earlier in the week, before dropping slightly.

The rise in prices followed reports that a petrochemical site in the South Pars gas field, the largest natural gas field in the world, had been hit. The attack is part of the ongoing conflict in the Middle East, which has already disrupted energy production and supply.

Qatar also reported a fire and heavy damage at its Ras Laffan industrial area, one of the world’s key gas export sites. This increased fears that the conflict could affect global energy supplies even more.

Iran said the fire at its facility was under control but warned it could respond strongly. It threatened to target energy infrastructure in other countries if attacks continue.

Meanwhile, Qatar warned that such strikes could threaten global energy security.

Gas prices also rose during the incident but later eased. Despite the increase, prices are still lower than the peaks seen earlier in the month.

Experts say energy prices may continue to go up and down as tensions remain high. The conflict has already caused disruptions, and any further attacks on energy facilities could make the situation worse.(Georgia Olivar, USJ-R Comm Intern)