Oil prices surged Thursday following attacks on key energy infrastructure in the Middle East, raising investor concerns about the escalating conflict involving Iran, Israel, and the U.S.
Oil Prices Surge on Middle East Attacks
Oil prices are currently at very high levels, driven by recent attacks on critical energy facilities in the Middle East. This is fueling investor anxieties regarding the potential severe consequences of the nearly three-week-long conflict between the U.S., Israel, and Iran, according to brokers.
West Texas Intermediate crude oil for IV delivery is trading at $97.39 USD on NYMEX in New York, up 1.11 percent.
Brent Crude Climbs Above $113
Brent crude on ICE for V is priced at $113.10 USD per barrel, an increase of $5.33.
Qatar Gas Facility Hit in Iranian Attack
A fire broke out Wednesday at Ras Laffan, Qatar’s most important gas installation, following an Iranian attack. Qatari authorities reported “significant” damage.
The facility, owned by QatarEnergy, supplies approximately one-fifth of the global liquefied natural gas (LNG) supply. In 2025, QatarEnergy exported 80.97 million tons of LNG.
Trump Claims No Prior Knowledge of Israeli Strike, Issues Warning to Iran
Former U.S. President Donald Trump stated Wednesday evening that he was unaware of the Israeli attack on Iran’s South Pars gas field. He warned, however, that if Iran attacks Qatari LNG facilities again, the U.S. would destroy the entire South Pars field.
Trump wrote on Truth Social: “Israel, angered by what is happening in the Middle East, aggressively struck a large facility known as the South Pars gas field in Iran. A relatively small portion of the whole was attacked. The United States knew nothing about this particular attack and Qatar was not involved in any way, shape, or form, nor did they have any idea it would happen.”
He continued: “Unfortunately, Iran did not know about this, or any other significant facts regarding the attack on South Pars and unfairly and unjustly attacked a portion of Qatar’s LNG gas facility. ISRAEL WILL NOT CONDUCT ANY FURTHER ATTACKS on this incredibly important and valuable South Pars field unless Iran unwisely decides to attack very innocent Qatar. In that case, the USA, with or without the consent of Israel, will blow up South Pars with such force and ferocity that Iran has never seen before.”
Trump concluded: “I don’t want to authorize this level of violence and destruction because of the long-term effects for the future of Iran, but if Qatar’s LNG is attacked again, I will not hesitate. Thank you. President DONALD J. TRUMP.”
U.S. Officials Confirm Trump Authorized Attack, Oppose Further Strikes
Earlier Wednesday, U.S. officials said Donald Trump had authorized the Israeli attack on South Pars but does not want further strikes on energy facilities in Iran.
Sources stated, “The President believes Iran took that message and is currently opposed to attacks on Iranian energy infrastructure.”
Iranian Gas Facilities Targeted
A fire erupted Wednesday at Iran’s main gas facility, located in Bandar Kangan on the Persian Gulf, following an attack. Iranian television reported that parts of the facility were hit by missiles from the U.S. and Israel.
Israeli media reported that the attack on South Pars was carried out by Israel with U.S. approval.
South Pars/North Dome is the world’s largest known gas field, shared by Iran and Qatar. It supplies approximately 70 percent of the gas consumed by Iran, which has been exploiting it since the late 1990s.
Analyst Warns of Potential for Further Price Increases
“The market is still underestimating and probably not fully pricing in the risk of how quickly the situation escalates into direct strikes on broader energy infrastructure in the Persian Gulf,” said Haris Khurshid, director of investments at Karobaar Capital LP.
“There is a risk that $120 a barrel for oil won’t be a price ceiling, but a starting point,” he warned.
“A rise in Brent prices to $140-160 a barrel would not be outrageous at all,” he added.