Crude Oil Prices Surge Following Attack on Major Gas Field Shared by Iran and Qatar

Crude oil prices rose in global markets on Thursday. The surge followed reports of an attack on the world's largest natural gas field. The international benchmark Brent crude price reached up to $112 per barrel following the incident, marking an increase of more than five percent compared to the previous day. However, the price later stabilized after a slight decrease.

The main reason for this spike is the news of an aerial attack on Iran's petrochemical structure in the South Pars gas field. This area is a vast gas reservoir shared between Iran and Qatar, which Qatar calls the North Dome. Qatar has also reported extensive damage in this region.

According to Qatar's Ministry of Interior, the fire in that area has been brought under control. No human casualties have been reported so far. However, Qatar's state-owned energy company indicated that structural damage is extensive. The attack on this area, considered extremely sensitive for energy supply, has spread fear in the oil market.

Meanwhile, Iran has reacted strongly to the attack on its energy infrastructure, warning of decisive retaliation. A statement issued by the Iranian military clearly mentioned that if energy, fuel, and economic structures are attacked, the source will be targeted. Nevertheless, this surge in oil and gas prices remains below the levels seen last week. On March 9, the price of oil reached $116.78 per barrel.