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Ice Brent up 10pc on widening Mideast violence

  • Mercados: Crude oil
  • 19/03/26

The front-month Ice Brent crude futures price rose by more than 10pc today, after a night in which energy infrastructure across the Mideast Gulf was targeted in the widening regional conflict.

The Ice May contract rose as high as $119.13/bl, up by more than $11/bl from the previous day's close and near the $119.5/bl peak hit on 9 March. The GME May front-month Oman crude futures contract was at $166.96/bl at 16:30 Singapore time, up by $13.84/bl from the same time on 18 March.

Iran delivered on its threat to target energy facilities in neighbouring countries as revenge for US and Israeli attacks on its South Pars gas field on Wednesday. Two oil refineries in Kuwait and one in Saudi Arabia, adjacent to what is now the country's only crude export terminal at Yanbu, have been hit by Iranian drones.

State-owned QatarEnergy said the Ras Laffan industrial complex came under attack twice, once late on Wednesday and once early on Thursday, which resulted in "extensive damage" to the Pearl GTL facility and to "several" of its LNG facilities. Prices for natural gas in Europe went up by a third in early trade today.


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