International Oil Prices Surge Back to $110 Amid Worsening Middle East Tensions [US-Iran War]

Israel Strikes Iran's Largest Gas Field
Immediate Retaliation Targets Qatari Gas Facilities
CNN and Others Report: "U.S. Not Involved in Airstrikes"

An oil drilling facility in Bahrain. Photo by AP News Agency

After Israel launched a targeted airstrike on Iran's massive gas field, Iran retaliated by bombing Qatar’s gas facilities with missiles, causing international oil prices to surge past the $110 mark once again.

According to real-time international financial information provider Investing.com, as of 6:27 a.m. on March 19 (Korean time), Brent crude for May delivery was trading at $110.35 per barrel. At the same time, West Texas Intermediate (WTI) crude for the nearest month was priced at $99.05 per barrel. WTI typically trades at a slightly lower price than Brent crude.

Brent crude futures, which had remained in the $100 range the previous day, soared overnight following reports that a large natural gas processing complex in Asaluyeh, southwestern Iran, had been struck by missiles. After touching $110, Brent crude briefly gave back some of its gains, but rebounded as Iran indicated it would take immediate retaliatory measures.

According to the Wall Street Journal (WSJ), Israel attacked Iran's South Pars gas field and the natural gas processing complex in Asaluyeh on Iran's southwestern coast. The South Pars gas field, the world's largest, is jointly operated by Iran and Qatar.

Iranian President Masoud Pezeshkian warned that attacks on the nation’s core energy infrastructure could pose enormous risks. Mohammad Bagher Ghalibaf, Iran’s parliamentary speaker, also declared a policy of “an eye for an eye” retaliation, saying that “a new phase of confrontation has begun.”

On this day, Iran launched a missile attack on a cluster of gas facilities in Qatar, which accounts for 20% of the world’s liquefied natural gas (LNG) supply. According to Qatar’s Ministry of Interior, the Iranian attack caused a fire at a key national gas facility in Ras Laffan, an industrial city on the northern coast. Qatar Energy, Qatar’s state-owned energy company, announced that “extensive damage has occurred.”

The administration of former U.S. President Donald Trump was reportedly not involved in the attack. Citing U.S. officials, CNN reported that the United States did not carry out the strike. The Associated Press, also citing sources, reported that the U.S. had been notified of Israel’s plans to attack the gas field but did not participate in the operation.

This content was produced with the assistance of AI translation services.