Crude oil prices surged on Thursday amid escalating tensions in West Asia after attacks on key energy facilities triggered fears of supply disruptions.
Benchmark Brent crude for April delivery rose over 4 percent to trade around $112 per barrel, while WTI crude on the NYMEX climbed more than 3 percent to near $100 per barrel.
The rally followed a sharp escalation in hostilities, with Israel striking Iran’s South Pars gas field, one of the world’s largest energy reserves. Iran responded with strikes targeting Qatar’s Ras Laffan industrial zone, a major hub for global liquefied natural gas exports.
Qatar’s authorities indicated that the attacks on energy infrastructure had heightened risks to global supply chains. QatarEnergy said the strikes led to fires and damage at Ras Laffan, though there were no casualties and all personnel were accounted for.
Market participants are increasingly factoring in the possibility of wider disruptions across the Gulf, a region that plays a critical role in global oil and gas supplies.
The price spike is significant for India, which relies on imports for around 89 percent of its crude oil needs, making it sensitive to fluctuations in global energy markets.
In the US, President Donald Trump signalled caution over further escalation targeting energy assets, suggesting that only a limited portion of the South Pars facility had been affected.
Tensions in the region remain elevated, with Iran warning of broader repercussions and indicating that further strikes on energy infrastructure could follow.
