WTI crude futures climbed to $99 per barrel on Thursday, extending recent gains as new attacks on critical energy infrastructure in the Middle East intensified fears of disruptions to global oil and gas supplies. Iran launched missile strikes on a Qatari facility that hosts the world’s largest LNG export plant, one of several energy assets Tehran pledged to target following an Israeli strike on Iran’s South Pars gas field.
US President Donald Trump stated that he had prior knowledge of the Israeli attack on the South Pars field but urged against any further strikes on Iranian energy installations. In a separate move, Trump temporarily waived the Jones Act for 60 days to help lower the cost of transporting oil, gas, and other commodities within the United States, allowing foreign-flagged vessels to operate between US ports during this period.
Oil prices have surged by roughly 50% since the start of the war, as the conflict with Iran has effectively closed the Strait of Hormuz and led major Middle Eastern producers to sharply curtail output.
