SAEDNEWS: Oil Prices Surge Again as West Asia Conflict Escalates
According to Saednews, Oil prices rose sharply following reports of further attacks on energy facilities in the Middle East, raising concerns about global supplies.
North Sea Brent crude gained more than 6% shortly after 15:30 CET, nearing $110 per barrel. US West Texas Intermediate (WTI) crude also climbed by around 3%, moving above $99 per barrel.
Several facilities linked to Iran’s oil industry were reportedly targeted. Iran’s Islamic Revolutionary Guards Corps (IRGC) also called for the evacuation of certain oil facilities in Saudi Arabia, the United Arab Emirates and Qatar.
“Any further escalation of attacks on energy infrastructure would lead to further price increases,” SEB analyst Ole Hvalbye said, according to Reuters.
The conflict in the Middle East began in late February following US-Israeli attacks on Iran. The fighting has also disrupted shipping through the Strait of Hormuz, a critical route for global energy supplies. About one-fifth of the world’s oil and natural gas normally passes through the strait.
Growing fears over supply disruptions have pushed Brent crude close to $120 a barrel this month, according to the report.
