NEW YORK - Oil prices climbed 4 percent Wednesday as Iran’s Revolutionary Guards threatened strikes on Middle East energy facilities. Brent crude settled at $107.38, its highest level since late February. Tehran warned neighboring nations their installations would be targeted following attacks on Iran’s Pars gas field.
Reports indicate extensive damage to QatarEnergy’s Ras Laffan Industrial City. With the Strait of Hormuz shipments halted, analysts estimate potential output cuts of up to 10 million barrels daily.
The Trump administration announced a 60-day waiver of the Jones Act to ease shipping pressure. Meanwhile, Iraq resumed crude exports via Turkey, adding supply to the market. Analysts warn further escalation could sustain elevated prices.