Crude oil prices surged on Thursday after fresh attacks on key energy facilities in the Middle East heightened fears of supply disruptions.
Brent crude rose to around $114–115 per barrel, while US West Texas Intermediate (WTI) climbed to about $97. Back in India, crude prices on the MCX also moved higher, crossing Rs 9,000 per barrel.
The spike comes as tensions involving Iran, Israel and the US continue to escalate, pushing global energy markets into risk mode.
after reports of strikes on critical energy infrastructure across the Gulf.
Iran is reported to have targeted oil and gas facilities in Saudi Arabia, the UAE and Qatar, following earlier attacks on Iran’s own South Pars gas field. The situation has raised concerns about a wider disruption in the region’s energy supply chain.
QatarEnergy said missile strikes hit Ras Laffan, one of the world’s largest LNG processing hubs, causing significant damage and raising fears of delays in gas exports.
South Pars, which Iran shares with Qatar, is the world’s largest natural gas field, making any disruption here a global concern.
The escalation has also triggered worries about retaliation and prolonged instability, which could keep oil prices elevated.
The rise in crude prices is particularly significant for India, which imports a majority of its oil needs. Ponmudi R, CEO of Enrich Money, said sentiment has weakened sharply as the situation unfolds.
“Sentiment has weakened significantly following a sharp surge in crude oil prices, as escalating tensions in the Middle East and reported attacks on key energy infrastructure have intensified concerns over supply disruptions,” he said.
He added that higher oil prices have a direct macro impact.
“For India, elevated crude prices directly impact inflation and the import bill, adding pressure on the broader macro environment.”
With oil prices rising, risks to inflation, currency stability and overall growth could increase if tensions persist.
For now, markets remain on edge, with investors closely tracking developments in the region. Any further escalation could push prices higher, while signs of easing may bring some relief.