Qatar warns Israeli attacks on Iran’s energy facilities will affect oil prices
Qatar has warned that Israeli attacks on energy facilities in Iran will affect oil prices.
“The attack on the Iranian side of the South Pars gas field is an uncalculated move that threatens energy security,” Foreign Ministry spokesperson Majed Al-Ansari said during a press briefing in Doha.
“Regional security cannot withstand more crises or escalation,” he said, cautioning against the “reckless targeting of energy and nuclear facilities in the region.”
Al-Ansari denied reports that Iran had requested Qatari mediation to halt Israeli air strikes.
Mapping Iran’s oil and gas sites and those attacked by Israel
Iran is one of the top global producers of oil and gas, holding the world’s second largest proven natural gas reserves and third largest crude oil reserves, according to the United States Energy Information Administration.
Iran’s energy facilities – some of which have been targeted in Israel’s latest attacks – include onshore oilfields, offshore platforms, refineries, export terminals and pipelines. They are spread across several regions, mainly in the south and west of the country.
Read our explainer for details on where these facilities are located and which ones Israel has targeted.
Oil surges 4% to highest level since late January due to escalating Iran-Israel conflict
Oil prices surged on Tuesday to their highest levels in nearly five months as energy traders brace for further escalation in the Israel-Iran conflict.
The oil rally accelerated as President Donald Trump prepared to meet with national security officials at the White House Situation Room. Two officials told CNN that Trump is growing increasingly warm to using US military assets to strike Iranian nuclear facilities.
US oil futures climbed 4.3% to settle at $74.84 – the highest closing price since January 22. Crude has spiked by 23% so far this month, a shift that is already boosting gasoline prices. Brent crude, the world benchmark, jumped more than 4% on Tuesday.
Concerns about the Strait of Hormuz, the most critical oil chokepoint on the planet, were amplified by a collision between two oil tankers in the Gulf of Oman. The incident is under investigation, but the Joint Maritime Information Center blamed “navigation-related” issues.
“The crash and resulting fire has seemingly raised concerns the situation could spiral out of control on the most heavily traveled oil shipping route in the world,” Robert Yawger, director of energy futures at Mizuho Securities, wrote in a report on Tuesday.
However, Yawger noted that the Strait of Hormuz has never been closed, not even during the Iran-Iraq war in the 1980s.
