Summary
Oil prices went up more than 5% after Israel attacked Iran's South Pars gasfield. The conflict between the US, Israel, and Iran has disrupted oil and gas exports in the Middle East, affecting global supplies. The Trump administration responded by temporarily allowing foreign ships to transport goods between US ports.
Key Facts
- Oil prices increased more than 5% after an Israeli attack on Iran's South Pars gasfield.
- Brent crude oil price rose to $108.66 per barrel, while US West Texas Intermediate crude reached $98.65.
- Iran's Revolutionary Guard threatened to attack oil and gas facilities in Qatar, Saudi Arabia, and the UAE.
- A fire occurred at Qatar's Ras Laffan gas facility after an Iranian missile attack, but it was controlled.
- The conflict has disrupted oil and gas exports in the Middle East, cutting total oil output by 7 million to 10 million barrels daily.
- President Trump's administration announced a temporary waiver of the Jones Act, allowing foreign ships to transport goods between US ports.
- The US also issued a license for certain deals with Venezuela's state oil company.
- In Iraq, oil exports resumed after a deal between Baghdad and the Kurdistan Regional Government.
