New Delhi, March 19 (IANS). Crude oil surged more than 4 percent on Thursday following a direct attack on energy infrastructure in the ongoing conflict in West Asia.
The April contract of Brent crude on the Intercontinental Exchange was trading at $111.78 per barrel, 4.10 per cent higher than its previous close.
At the same time, the price of West Texas Intermediate (WTI) on New York Max Exchange has increased by 3.37 percent to $ 99.57 per barrel in the April contract.
Oil prices surged after Israel’s attack on Iran’s South Pars gas field. It is also considered to be the world’s largest gas field. Iran retaliated by attacking Qatar’s major global gas hub, Ras Laffan Industrial City.
Qatar’s Foreign Ministry spokesman said attacks on energy infrastructure are a threat to global energy security.
A Qatar Energy spokesperson confirmed that the Ras Laffan industrial city was hit by missile strikes this evening. Emergency rescue teams were immediately deployed to extinguish the fire which caused massive damage. All employees are safe and there is no news of any casualty at present.
The rise in crude oil prices is likely to have a direct impact on India, because India imports about 90 percent of its crude oil requirement.
Additionally, US President Donald Trump has reportedly opposed further attacks on Iranian energy infrastructure, following Israel’s attack on the South Pars gas field.
Trump said on his social media platform ‘Truth Social’, “Enraged by what has happened in the Middle East, Israel has attacked a major plant called South Pars gas field in Iran. It has damaged only a relatively small part of the entire plant.”
This attack on energy infrastructure has increased regional tension. Iran has threatened to retaliate against the Gulf region’s energy infrastructure.
–IANS
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