Oil prices pushed higher Thursday while stock markets across Asia declined, as escalating attacks on major energy facilities in Iran and Qatar heightened concerns about global supply disruptions, The New York Times reports.
Brent crude, the international benchmark, climbed above $118 a barrel, marking a nearly 10% increase from Wednesday’s close of $107.38.
Since the start of the conflict, Brent prices have surged more than 48%. Meanwhile, West Texas Intermediate, the U.S. benchmark, edged up to around $96 a barrel after settling at $95.46 the previous day.
The latest spike in energy prices follows reports of strikes on critical infrastructure in the Middle East.
Iran and Qatar said Israeli forces targeted facilities linked to the massive South Pars gas field, a key source of natural gas shared by the two countries.
Shortly afterward, Qatar reported that its Ras Laffan Industrial City — one of the world’s largest energy hubs — sustained extensive damage in missile attacks, which officials there attributed to Iran.
Investors are also closely watching the Strait of Hormuz, a vital artery for global oil shipments. Traffic through the narrow waterway has effectively stalled amid fears that tankers could be targeted, further tightening supply expectations.
The surge in crude prices is already hitting consumers.
The national average price for gasoline in the United States rose to $3.88 a gallon on Thursday, according to AAA, an increase of roughly 30% since the conflict began. Diesel prices have climbed even faster, reaching $5.10 per gallon, up 36% over the same period.
In response, the Trump administration said it would temporarily waive the Jones Act, a maritime law that restricts how goods are transported between U.S. ports.
While the move is intended to ease fuel distribution, analysts and shipping industry executives expect it will do little to significantly lower prices in the near term.
With crude oil costs continuing to rise and key supply routes under threat, gasoline prices are likely to remain elevated, closely tracking the volatility in global energy markets.
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