Global crude markets reacted sharply to escalating tensions in West Asia on Thursday.
The April contract of Brent crude on the Intercontinental Exchange rose 4.10 per cent to $111.78 per barrel, while the April contract of West Texas Intermediate (WTI) on NYMEX climbed 3.37 per cent to $99.57 per barrel.
The surge followed Israel’s airstrike on Iran’s South Pars gas field, one of the largest energy facilities in the world, prompting Iran to retaliate with attacks on Qatar’s Ras Laffan industrial city, a key global gas hub.
Qatar’s foreign ministry called the attacks on energy infrastructure a threat to global energy security.
“Missiles hit Ras Laffan Industrial City this evening. Emergency teams contained the fires. The attack caused extensive damage, but all personnel are safe, and no casualties have been reported,” a spokesperson said.
The surge in oil prices significantly impacts India, which imports nearly 90 per cent of its crude oil needs.
Rising crude costs could push up inflation, fuel prices, and broader economic indicators.
US President Donald Trump opposed further strikes on Iranian energy infrastructure after Israel’s attack.
Taking to Truth Social, he wrote, “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.”
The attacks have heightened regional tensions, with Iran warning of ‘uncontrolled consequences’ and threatening retaliation against energy facilities across the Gulf, raising concerns about energy security and market volatility worldwide.
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