Oil prices surged Wednesday following Iran’s threat to attack energy facilities across the Middle East. Brent futures rose 5% to $108.56 a barrel; U.S. WTI climbed 2.3% to $98.38.
Iran’s Revolutionary Guards vowed retaliation against refineries, petrochemical plants, and gas fields in Saudi Arabia, the UAE, and Qatar-hours after U.S.-Israeli strikes hit the South Pars gas field.
The Strait of Hormuz remains closed, halting 20% of global oil and LNG shipments. Total regional output cuts are estimated at 7-10 million barrels per day.
The Trump administration issued a 60-day Jones Act waiver and authorized select PDVSA transactions to ease energy supply pressures.
Iraq resumed Kirkuk crude exports via Turkey at 250,000 barrels per day-and signed new export contracts through Turkey, Jordan, and Syria.
Iran confirmed the death of security chief Ali Larijani in an Israeli strike. Libya’s Sharara field rerouted flows after a fire.