Oil jumps above $119 a barrel after Iran attacked energy facilities across Middle East

Benchmark Brent oil prices soared above $119 a barrel on Thursday following Iran’s retaliatory attacks on energy facilities across the Middle East, marking a major escalation in the war. After Israel hit Iran’s South Pars gas field, the largest of its kind in the world, Tehran targeted energy sites in Qatar, Saudi Arabia, Kuwait and the United Arab Emirates — triggering a spike in energy prices. Brent had climbed more than $10 to a high of $119.13 a barrel on Thursday morning, close to the three-and-a-half-year peak touched on March 9.Meanwhile, the US West Texas Intermediate crude was up 27 cents, or 0.3%, at $96.59 a barrel, after earlier gaining almost $4 to trade at $100.02.The WTI has been trading at its widest discount to Brent in 11 years.The surge in the price of oil comes as the US central bank held interest rates steady on Wednesday, projecting higher inflation for Americans. The volatile situation began on Wednesday after Israel attacked the South Pars field, which is operated by Iran and Qatar. President Trump denied any US involvement with the attacks despite initial reports that the strikes were coordinated with America. Iran vowed a strong response to the attack, sending out evacuation orders across the gulf’s energy sites before firing ballistic missiles and drones. QatarEnergy confirmed Iranian missile attacks on Ras Laffan, the site of Doha’s core LNG plants and the world’s largest, causing “extensive damage.” Saudi Arabia said it intercepted and destroyed four ballistic missiles launched on Wednesday toward Riyadh and an attempted drone attack on a gas facility, with debris from the blast wounding four people. By Thursday, Saudi Aramco’s SAMREF refinery in the Red Sea Port of Yanbu halted production following an Iranian attack. Kuwait energy officials said their Mina al-Ahmadi and Mina Abdulla refineries were also hit by Iranian drones, igniting a limited fire.Meanwhile, in the United Arab Emirates, officials shut d...