Oil Prices Surge After Fresh Attacks On Energy Infrastructure

(RTTNews) - Oil prices climbed on Thursday as fresh attacks on energy sites in the Middle East fueled concern that a prolonged war will cause lasting damage to oil and gas infrastructure.

Major energy hubs across the Middle East are now being directly targeted as the war between Iran and the U.S.-Israeli coalition enters its 19th day.

Brent crude prices spiked more than 7 percent above $115.51 a barrel while WTI crude futures were up 1.4 percent at $96.80.

Iran has threatened to attack energy infrastructure across Saudi Arbia, the UAE and Qatar "in the coming hours" after missiles had targeted its gas facilities at the giant South Pars field, the largest gas reserves in the world.

The UAE temporarily suspended operations at the Habshan gas facilities due to falling debris from interceptions of missiles.

Qatar's Ras Laffan Industrial City, home to the world's biggest LNG export terminal, suffered significant damage following a missile strike. The missile strikes disrupted LNG and helium supply.

Washington "knew nothing" of Israel's earlier attack on Iran's South Pars gas field, President Trump said and vowed that "NO MORE ATTACKS WILL BE MADE BY ISRAEL" if Tehran stops attacking Qatar.

But if Iran did not comply, the United States would "massively blow up the entirety of the South Pars Gas Field", Trump warned.

The attacks on Persian Gulf oil-and-gas infrastructure rattled markets already reeling from the effective closure of the Strait of Hormuz and the continued blocking of oil and gas exports from the Gulf region.