Oil Hits $112 After Gas Field Strike — Is a Global Energy Crisis Coming? ⚡

Описание: Global energy markets are in turmoil after an airstrike hit Iran's petrochemical complex on the South Pars gas field — the largest natural gas field in the world — sending oil prices surging past $110 a barrel for the first time since the current conflict escalated.

Brent crude peaked at $112 a barrel during early Thursday Asian trading, more than 5% higher than Tuesday's prices. UK gas prices also jumped 6%, hitting 143.53p a therm before retreating slightly. While dramatic, both figures remain below the conflict's all-time highs — oil peaked at $116.78 on March 9th, and UK gas hit 162.55p on March 3rd.

The crisis deepened when Qatar reported "extensive damage" at its Ras Laffan industrial site — a facility it operates on the same gas field, which Qatar calls North Dome. Qatar produces roughly one-fifth of the world's liquefied natural gas and had already halted production earlier in March. Qatar's foreign ministry called strikes on energy infrastructure "a threat to global energy security."

Iran's military responded with a stark warning, threatening to strike the energy infrastructure of any country it holds responsible — explicitly listing Ras Laffan among its potential targets.

In response to rising oil prices, the White House announced a 60-day suspension of the Jones Act — a century-old law restricting goods transport between US ports to American-made ships — to allow oil, gas, fertilizer, and coal to move more freely. However, US maritime experts cautioned the impact on pump prices would be minimal.

Financial analysts warn that with the Strait of Hormuz blockage unresolved, energy markets will remain highly volatile. Iran has also cut gas supplies to Iraq to protect its own domestic needs — 94% of Iran's gas is consumed internally.

Source: BBC