The War Against Iran Has Given A New Impetus To Oil Prices

Analysts voiced predictions.

Oil prices rose on the morning of March 19. Quotes went up again after Iran's strikes on energy facilities in the Middle East and an attack on the country's largest gas field, South Pars, according to Reuters.

According to the investing portal, as of 10:06 Kiev time, the cost of Brent crude oil rose by $6.25 - to $113.63 per barrel. U.S. WTI crude rose by more than a dollar to $96.48 a barrel.

On Wednesday, March 18, QatarEnergy said Iranian missile strikes on Ras Laffan, where Qatar's main LNG processing facilities are located, had caused "significant damage" to its energy hub.

For its part, Saudi Arabia said it had intercepted and destroyed four ballistic missiles launched toward Riyadh, and foiled an attempted drone attack on a gas facility.

At the same time, Iran warned of evacuations ahead of its attacks on several oil facilities in Saudi Arabia, the UAE and Qatar. The publication notes that Tehran's strikes were in response to strikes on energy infrastructure in South Pars and Asalouyeh.

According to Israeli media, Israel and the US attacked Iran's South Pars gas field. However, US President Donald Trump said that only Israel attacked the field and the US and Qatar were not involved. He added that Jerusalem would not carry out further attacks on Iranian facilities in South Pars unless Tehran attacks Qatar.

Market strategist at Moomoo ANZ investment platform Tina Teng expects oil prices are likely to remain high as "Iran's new strikes on the Middle East's energy infrastructure are increasing regional tensions, with no signs of de-escalation of the conflict or the imminent opening of the Strait of Hormuz."

Chief Investment Officer at Karobaar Capital LP Haris Khurshid adds in a Bloomberg commentary that direct strikes on Gulf energy infrastructure could cause Brent crude prices to jump to $140-160 a barrel.

You can support the website Charter97.org

MULTI-CURRENCY ACCOUNT FOR ASSISTANCE:

Bank's name: Bank Millennium S.A.
Address: ul. Stanislawa Zaryna, 2A, 02-593, Warszawa
IBAN: PL97116022020000000216711123
SWIFT: BIGBPLPW
Name of the account holder: Fundacja “KARTA ‘97”
Purpose/title of payment: Donation for statuary aims

You can contact us by the e-mail [email protected]