Oil Jumps as Major Energy Assets Targeted in Mideast Conflict

Oil prices surged after Iran targeted key Middle Eastern energy infrastructure, escalating a three-week conflict. Brent crude hit $111.02 per barrel, while WTI neared $98, marking a 3.4% jump amid supply disruption fears. Iran struck a major Qatari LNG facility, retaliating for earlier attacks on its South Pars gas field—the world’s largest. The tit-for-tat strikes threaten regional energy stability and global oil flows. U.S. natural gas prices spiked 5.6% as traders braced for broader supply chain disruptions. The conflict’s expansion risks further volatility in energy markets already strained by geopolitical tensions. The attacks underscore the Middle East’s vulnerability as a critical energy hub, with nearly 30% of global oil passing through nearby chokepoints. Analysts warn of prolonged price surges if hostilities persist. Markets are now pricing in deeper supply risks, with traders monitoring potential U.S. or allied responses. The crisis could reshape energy trade routes and accelerate shifts toward alternative suppliers.