Global Oil Prices Surge Following Attacks on Energy Facilities in the Middle East
Oil prices recorded a significant increase on global markets this Thursday amid escalating tensions in the Middle East following attacks on energy facilities in several countries in the region, raising concerns about supply stability.
Brent crude rose to $114.35 per barrel, marking a 6.5 percent increase, its highest level in over a week. West Texas Intermediate (WTI) also climbed to $97.36, having briefly surpassed the $100 per barrel mark during trading.
The attacks targeted vital sites in Qatar, Saudi Arabia, and Kuwait. Qatar Energy reported substantial damage at the Ras Laffan liquefied natural gas facility. In Saudi Arabia, ballistic missiles and a drone aimed at energy facilities were intercepted, while a limited fire broke out at the Mina al-Ahmadi refinery in Kuwait following a drone strike.
