Oil Prices Surge Sharply Brent Crude Briefly Tops $112 Per Barrel

Oil prices surge sharply Brent crude briefly tops $112 per barrel as key Middle East energy facilities come under sustained attacks amid escalating US‑Israel‑Iran conflict. On Thursday, global oil markets jumped more than 5 %, with Brent crude spiking to over $112 a barrel, after Iranian missile and drone strikes struck major energy infrastructure in the Gulf. The attacks intensified fears of prolonged supply disruption, amplifying the impact of an already volatile Middle East conflict involving the United States, Israel and Iran.Damage to major facilities: Qatar’s Ras Laffan industrial and LNG hub the world’s largest liquefied natural gas export complex suffered extensive damage after several rounds of strikes. Fires were reported at multiple installations before later being brought under control, according to state‑run QatarEnergy and local authorities Iran’s attacks followed airstrikes on its South Pars/North Dome gas field the world’s largest natural gas reservoir shared with Qatar which earlier this week ignited fires and drew condemnation from Gulf neighbours In addition to Qatar, Iranian strikes have affected energy infrastructure in Saudi Arabia and the United Arab Emirates, including refineries and petrochemical complexes, contributing to supply concerns. Iranian pledges to block oil exports through the key Strait of Hormuz — through which about 20 % of global oil passes have compounded market fears of longer‑term supply shortage Brent crude futures surged over 5 % Thursday, peaking above $112 a barrel and even nearing $119 per barrel in some sessions, while U.S. West Texas Intermediate (WTI) also climbed sharply.
•European natural gas benchmarks jumped double‑digit percentages as LNG fears spread.

•Global stock markets retreated on heightened risk sentiment and worries over energy‑driven inflation pressures across economies, notably in energy‑importing regions The United States confirmed it had no prior knowledge of an Israeli strike on Iran’s South Pars field and reiterated that attacks on Gulf energy infrastructure would draw serious consequences.
• Gulf reactions Saudi Arabia and the UAE condemned the strikes, and Gulf states have increased defensive measures around key oil and gas facilities. The recent surge in energy prices comes amid nearly three weeks of conflict escalation between Iran and U.S.‑Israeli forces, involving multiple military actions and threats to critical export routes. Supply disruptions through the Strait of Hormuz and direct hits on oil and gas facilities have repeatedly shocked global markets. Thursday’s energy price spike underscores how geopolitical conflict in the Middle East especially attacks on infrastructure and chokepoints is rapidly translating into tangible supply risks and broader market volatility worldwide.