Oil prices rose 3% Thursday after Iran launched missile strikes on key energy facilities across the Middle East. Brent crude jumped to $111.07, while U.S. West Texas Intermediate climbed to $98.61.
QatarEnergy reported 'extensive damage' to its Ras Laffan LNG hub following Iranian attacks. The UAE shut operations at Habshan gas facilities and the Bab oil field due to debris from intercepted missiles.
Saudi Arabia intercepted four ballistic missiles aimed at Riyadh and repelled a drone assault on a gas site. Iran had issued evacuation warnings ahead of the strikes, retaliating for previous attacks on its South Pars and Asaluyeh energy zones.
South Pars, shared with Qatar, is part of the world’s largest natural gas deposit. With no sign of de-escalation and continued closure of the Strait of Hormuz, analysts expect sustained price support.
U.S. officials are considering deploying thousands of troops to reinforce Middle East operations, including securing tanker passage through the Strait of Hormuz.
Market strategist Tina Teng at Moomoo ANZ said the risk premium remains elevated.