Global oil prices surged on Thursday after Iran launched attacks on energy facilities across the Middle East, escalating tensions following Israel’s earlier strike on Iran’s South Pars gas field.
Benchmark Brent crude briefly climbed above $119 per barrel during trading before easing to about $114.77 by 1026 GMT, while U.S. West Texas Intermediate traded near $96.59 after earlier touching $100.
The price jump came after Iran retaliated against Israel’s attack on the South Pars gas field, part of the world’s largest natural gas reserve shared with Qatar.
U.S. President Donald Trump said Israel carried out the strike independently and that neither the United States nor Qatar was involved.
Trump warned that Israel would avoid further attacks on South Pars unless Iran targets Qatar, adding that Washington would respond if Doha came under attack.
QatarEnergy said Iranian missile strikes hit Ras Laffan, home to the world’s largest liquefied natural gas facilities, causing extensive damage.
The escalating conflict also pushed European natural gas prices to their highest levels in more than three years amid fears of wider energy supply disruptions.
Saudi Arabia said it intercepted four ballistic missiles headed toward Riyadh and thwarted a drone attack on a gas facility during the same wave of regional strikes.
Meanwhile, Saudi Aramco’s SAMREF refinery in Yanbu and Kuwait’s Mina al-Ahmadi refinery were also targeted, though operations largely continued after limited damage.
The attacks and counter-attacks have intensified concerns over global energy supply security as the Middle East conflict threatens critical oil and gas infrastructure.