Oil prices rise again after gas field strikes

Iran has struck Iran's gas infrastructure for the first time, hitting a location where 80% of the country's electricity is generated from gas.

 

In response, Iran declared its readiness to attack the oil and gas infrastructure of Saudi Arabia, Qatar, and the UAE, and struck the world's largest LNG complex in Qatar, where a fire broke out due to severe damage.

 

The war in the Middle East continues, despite Trump's claims that the US has already defeated Iran.

 

For the first time since the start of the war, Israel attacked Iranian missile ships in the Caspian Sea, hitting 5 ships.

 

Against this background, Brent crude oil prices rose by 3.9% yesterday to $107.3/barrel (+7.3% since Monday), and today have already exceeded $110/barrel.

 

Despite US strikes on Iran's military infrastructure, the latter continues stable oil shipments from the main terminals on Kharq Island and is increasing oil volumes for export through the Jask terminal outside the Persian Gulf, according to analytical company Kpler.

 

While the passage to Kharq is through the closed Strait of Hormuz, ships can move freely to Jask, located in the Gulf of Oman. According to Kpler, tracked onshore oil reserves at Jask have reached a record 5.42 million barrels, exceeding the previous high of 5.03 million barrels recorded after the 12-day war in June 2025. At the same time, oil reserves at Kharq remain stable at 18 million barrels.

 

Crude oil prices in Oman have surpassed the psychological level of $150/barrel for the first time and have already reached $154/barrel. At the same time, oil prices in Dubai have risen to $130/barrel, while Brent is trading at $102/barrel and WTI is trading at $93/barrel. This means that the spread between oil prices in Oman and the US is now around 65% or $61/barrel.

 

Israel's assassination of the head of Iran's Supreme National Security Council, Ali Larijani, who was the de facto leader of the country, is increasing concerns among Iranian officials about their personal security and internal conflicts within the government, which gives hope for a change in the political situation.