Oil surpasses $110 per barrel following gas field attack. Seven hours ago. Rachel Clun arbeitet als Wirtschaftsreporterin. Images from Getty. Oil prices climbed above $110 (£82.78) per barrel following reports from Iranian media of an airstrike on a facility at the world’s largest natural gas field. The Brent crude benchmark reached $112 a barrel in early Thursday trading in Asia, up more than 9% from Tuesday’s levels. The price has dipped slightly since then. The benchmark UK gas price rose 6% to 143.53p per therm before retreating to about 140p. The increase came after reports that Iran’s petrochemical complex on the South Pars gas field was struck. Several hours later, Qatar announced “extensive damage” at the Ras Laffan industrial site after Iranian threats. Although oil and gas prices surged, they stayed below previous conflict peaks—oil hit $116.78 per barrel on March 9, and UK gas reached 162.55p per therm on March 3. Iran’s oil ministry stated, via Tasnim (a news outlet linked to the Islamic Revolutionary Guard Corps), that a fire at its petrochemical complex was contained. Iran’s military vowed “decisive action” against the attack on its energy facilities, declaring in a Tasnim-published statement: “As we previously warned, if the American-Zionist enemy strikes our fuel, energy, gas, or economic infrastructure, we will launch a powerful counterattack on the enemy and severely target the source of aggression. We deem attacks on the fuel, energy, and gas infrastructure of aggressor nations legitimate and will retaliate forcefully at the first opportunity.” Qatar also runs facilities on the gas field, which it refers to as North Dome. However, the country—which accounts for a fifth of global liquefied natural gas production—had suspended operations earlier in March due to the conflict. Qatar’s foreign ministry spokesman, Majed Al Ansari, stated that attacks on energy infrastructure “pose a threat to global energy security.” Shortly after 1815 GMT, the Qatari interior minister announced it was addressing “a fire in the Ras Laffan area after an Iranian strike.”
