Summary
Oil prices neared $110 a barrel after reports of an airstrike on a major gas field in Iran. The Brent crude oil benchmark spiked over 5% following the news, while Iran and Qatar responded to the incident with warnings and operational changes.
Key Facts
- Oil prices rose sharply to almost $110 per barrel after an airstrike report on Iran's South Pars gas field.
- The Brent crude oil benchmark increased by over 5%, reaching $109.91 a barrel.
- UK gas prices also increased by 6% but later fell slightly.
- Iran's oil ministry reported a fire at the gas complex that was under control, but damage details were unclear.
- Iran's military warned of a strong response to attacks on its energy infrastructure.
- Iran stopped gas supplies to Iraq to ensure domestic availability.
- Qatar, which shares the gas field, paused some production due to the conflict.
- Qatar's foreign ministry highlighted the threat to global energy security from such strikes.
