News Agencies
Global oil and gas prices have continued rising after Iran attacked energy facilities across the Middle East in retaliation to Israel’s strike on its South Pars gasfield.
Early Thursday, Brent futures topped $115 a barrel, their highest in more than a week. Gas prices have also surged by 30 percent.
Prices are also likely to rise substantially if the Strait of Hormuz remains closed, market watchers say.
“Benchmark Middle Eastern crudes like Oman and Dubai have already crossed the $150 threshold, so $200 is already within sight, even if not for Brent and West Texas Intermediate,” Vandana Hari, the founder of oil market analysis provider Vanda Insights said.
“How much further crude climbs from here almost entirely hinges on how much longer the Strait of Hormuz remains closed,” Hari added.
