Brent futures were up $11.31, or 10.53% at $118.70 a barrel on Thursday morning after Iran attacked energy facilities across the Middle East following a strike on the South Pars gas field, a major escalation in the war with the US and Israel.
Brent futures were up $11.31, or 10.53 percent, at $118.70 a barrel by 12:50 p.m. Saudi time. US West Texas Intermediate crude rose $2.56 cents, or 2.66 percent, to $98.88 a barrel.
Brent closed up 3.8% on Wednesday, while WTI settled nearly flat.
On Wednesday, QatarEnergy said Iranian missile attacks on Ras Laffan, the site of Qatar’s core LNG processing operations, caused “extensive damage” to its energy hub.
Saudi Arabia said it intercepted and destroyed four ballistic missiles launched on Wednesday toward Riyadh and an attempted drone attack on a gas facility.
Iran issued evacuation warnings before its attacks for several oil facilities across Saudi Arabia, the UAE and Qatar, as it prepared to retaliate for strikes on its own energy infrastructure in South Pars and Asaluyeh.
South Pars is the Iranian sector of the world’s largest natural gas deposit, which Iran shares with US ally Qatar on the other side of the Gulf.
Israel carried out the South Pars gas field attack, but the US and Qatar were not involved, President Donald Trump said late on Wednesday.
He added that Israel would not further attack Iranian facilities in South Pars unless Iran attacked Qatar, and warned that the US would respond if Iran acted against Doha.
Oil prices are set to stay supported as Iran’s fresh strikes on Middle Eastern energy infrastructure worsen regional tension, with no sign of de-escalation in the conflict or a near-term reopening of the Strait of Hormuz.
