NEW DELHI — Oil prices climbed sharply Thursday after attacks on key energy infrastructure in West Asia heightened concerns over global supply disruptions.
Brent crude for April delivery on the Intercontinental Exchange rose 4.10% to $111.78 per barrel, while West Texas Intermediate (WTI) for April delivery on the New York Mercantile Exchange gained 3.37% to $99.57 per barrel.
Prices surged following Israel’s strike on Iran’s South Pars gas field, the world’s largest. Iran responded with an attack on Qatar’s Ras Laffan industrial city, one of the world’s most important gas hubs.
A spokesperson for Qatar’s foreign ministry said the attacks on energy infrastructure “constitutes a threat to global energy security.”
“QatarEnergy confirms that Ras Laffan Industrial City this evening has been the subject of missile attacks. Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused. All personnel have been accounted for and no casualties have been reported at this time,” the spokesperson said.
The spike in oil prices carries significant implications for India, which imports nearly 90% of its crude oil requirements.
U.S. President Donald Trump said he opposes further strikes on Iranian energy infrastructure following Israel’s attack on the South Pars facility, according to reports.
“Israel, out of anger for what has taken place in the Middle East, has violently lashed out at a major facility known as South Pars Gas Field in Iran. A relatively small section of the whole has been hit,” Trump said on his Truth Social platform.
The attacks have intensified regional tensions, with Iran warning of “uncontrolled consequences” and threatening retaliation against energy facilities across the Gulf. (Source: IANS)
