New Delhi, March 19: A significant increase in crude oil prices was observed on Thursday, rising over 4% following direct attacks on energy infrastructure amid ongoing conflicts in West Asia.
The April contract for Brent crude was trading at $111.78 per barrel, marking a 4.10% increase from the previous close. Meanwhile, the price of West Texas Intermediate (WTI) on the New York Mercantile Exchange rose by 3.37%, reaching $99.57 per barrel.
This spike in oil prices was triggered by an Israeli attack on Iran’s South Pars gas field, recognized as the world’s largest gas field. In retaliation, Iran launched an attack on Qatar’s major global gas hub, Ras Laffan Industrial City.
A spokesperson from Qatar’s Foreign Ministry stated that attacks on energy infrastructure pose a threat to global energy security. A representative from Qatar Energy confirmed missile strikes on Ras Laffan Industrial City, leading to significant damage. Emergency rescue teams were promptly deployed to extinguish the resulting fires. Fortunately, all personnel are reported safe, with no casualties at this time.
The rise in crude oil prices is likely to have a direct impact on India, which imports approximately 90% of its crude oil needs.
Additionally, following the Israeli attack on the South Pars gas field, former U.S. President Donald Trump expressed opposition to further attacks on Iranian energy infrastructure. On his social media platform, Truth Social, Trump remarked, “In response to the events in the Middle East, Israel attacked a major plant in Iran’s South Pars gas field, causing relatively minor damage to the facility.”
This assault on energy infrastructure has heightened regional tensions, with Iran threatening retaliation against energy facilities in the Gulf region.
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