Oil and gas prices resume rise after Iran attacks production facilities
Oil and gas prices have risen again after Iran carried out attacks on production facilities for the first time since the start of the war with the US and Israel.Brent crude, the international benchmark oil price, climbed 3% to $103.2 (£77.52) a barrel on Tuesday and was up nearly 50% from levels before the war began on 28 February. Wholesale gas prices rose nearly 3% to €52 (£45) a megawatt hour, compared with about €30 before the war.
For the first time, Iran successfully targeted oil and gas production facilities, rather than just refineries, terminals and storage.
The United Arab Emirates said a drone struck the Shah natural gasfield – one of the largest in the world – on Monday and set it on fire. Operations remained suspended on Tuesday while officials assessed the damage.
An oilfield in Iraq, Majnoon, and the UAE’s biggest port and oil storage facility, Fujairah, were also hit by Iranian drones and missiles as the war entered its third week.
Oil and gas prices resume rise after Iran attacks production facilities
Brent crude price climbs as operations suspended at Shah gasfield in UAE after Iranian strike
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