Oil Prices Surge as Iran Attacks Escalate Tensions in Middle East
Islamabad: Global oil prices have surged following Iran’s recent attacks on energy installations, raising concerns over supply disruptions amid escalating tensions in the Middle East.
Benchmark Brent crude oil rose sharply to nearly $112 per barrel, while U.S. crude prices climbed to around $97 per barrel. Analysts attribute the spike to fears of supply shortages as conflict intensifies across the Gulf region.
The increase comes after Iran reportedly targeted key energy facilities, following an earlier strike on the South Pars Gas Field. Experts say the market reaction reflects growing uncertainty over oil supply routes and production stability.
Qatar’s energy sector has also been affected, with reports indicating significant damage to the LNG facility in Ras Laffan Industrial City, dealing a blow to global energy systems.
Meanwhile, Saudi Arabia claimed to have intercepted multiple missile and drone attacks, highlighting the widening scope of the conflict. Iran had earlier warned of evacuations near oil facilities in Gulf countries, signaling potential retaliatory actions.
U.S. President Donald Trump stated that the attack on South Pars was carried out by Israel, clarifying that neither the United States nor Qatar was involved.
Economic experts warn that continued escalation could further drive up oil prices and impact global inflation. The Strait of Hormuz remains a critical concern, as any disruption there could significantly affect global oil shipments.
Reports also suggest that the United States is considering deploying additional forces to the region to safeguard oil tankers. Analysts caution that if tensions persist, oil prices may continue to rise in the coming days, adding pressure on the global economy.
