Iran has said that United States and Israeli strikes hit its South Pars natural gas field and associated infrastructure, Bloomberg reported on Wednesday.
The U.S.-Israeli war against Iran poses a fresh threat to Ghana’s inflation outlook through higher oil prices and tighter global financial conditions, even as the same geopolitical uncertainty is pushing up gold prices, the Bank of Ghana Governor said on Monday.
Oil prices surged sharply on Wednesday as the Iran conflict continued to disrupt flows through the Persian Gulf, with the global benchmark pulling decisively away from U.S. crude as the Brent-WTI spread widened to roughly $10 per barrel, signaling mounting stress in seaborne supply markets.
Iran has warned that oil and gas infrastructure across the Persian Gulf could become “legitimate targets” following a strike on its giant South Pars gas field, escalating concerns over regional supply disruptions and global energy market volatility.
Oil prices are poised to extend their recent gains as global markets open Monday, amid the third week of the U.S.-Israel conflict against Iran, which has put key oil infrastructure at risk and kept the Strait of Hormuz closed, creating the largest disruption to global oil supplies in decades.
Iran has warned that “not a litre” of oil will be exported from the Middle East until the United States and Israel stop bombing it. The warning comes on the heels of statements made by President Trump that the war would be over “very soon”, which toppled oil prices from peaks reached on Monday.
Qatar shut down liquefied natural gas production at the world’s largest export facility after it was targeted in an Iranian drone attack, sending European gas prices surging more than 50% and rattling global energy markets. QatarEnergy’s Ras Laffan plant covers about a fifth of global LNG supply and the unprecedented halt now threatens energy security worldwide. […]
Oil swung as traders parsed competing headlines on the status of negotiations between the US and Iran.
Iran has restarted the exports of natural gas to its neighbor Iraq despite U.S. opposition to the exchange, which last year led to the cancellation of these supplies.
Iran and Russia are strengthening their economic and energy cooperation and consider joint development of another Iranian oilfield, top officials from the countries said on Wednesday.