Key Points
- WTI April contract increased 3.37 percent to $99.57 per barrel
- Attacks targeted Iran's South Pars gas field and Qatar's Ras Laffan city
- QatarEnergy confirms missile attacks caused extensive damage with no casualties
New Delhi, March 19. Oil prices jumped more than 4 per cent on Thursday over attacks on key energy infrastructure in West Asia.
The April contract of Brent crude on the Intercontinental Exchange was trading at $111.78 per barrel, up 4.10 per cent from its previous close.
Meanwhile, the April contract of West Texas Intermediate (WTI) on NYMEX rose 3.37 per cent to $99.57 per barrel.
Oil surged after Israel’s strike on Iran’s South Pars gas field — the world’s largest. Iran retaliated, with attacking Qatar’s Ras Laffan industrial city, a major global gas hub.
Immediate Impact on Oil Markets
Qatar’s foreign ministry spokesperson said that attacks on energy infrastructure “constitutes a threat to global energy security”.
“QatarEnergy confirms that Ras Laffan Industrial City this evening has been the subject of missile attacks. Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused. All personnel have been accounted for and no casualties have been reported at this time,” said the spokesperson.
The surge in oil prices carries significant implications for India, which imports nearly 90 per cent of its crude oil requirements.
Global Response to Energy Infrastructure Attacks
Meanwhile, US President Donald Trump said he is opposed to further strikes on Iranian energy infrastructure, following Israel’s attack on the South Pars gas field, according to reports.
“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,” said Trump on his Truth Social platform.
The attack on energy infrastructure has heightened regional tensions, with Iran warning of “uncontrolled consequences" and threatening retaliation against energy facilities across the Gulf.
—IANS
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