Brent Crude Surpasses USD90
The global benchmark Brent crude was trading at $90.25 per barrel at 4:54 a.m. local time (1354 GMT), reflecting a roughly 5.7% increase from Thursday’s close of $85.41.
The hostilities between the United States and Israel against Iran, alongside Iran’s retaliatory attacks on US bases in the region and Israel, have now continued for seven days.
Rising tensions have effectively stopped traffic through the Strait of Hormuz, a crucial corridor for international energy shipments. Additionally, assaults on Iran’s energy infrastructure have disrupted production and exports, sending prices sharply upward.
Qatar’s Energy Minister and QatarEnergy Chief Executive Saad bin Sharia al-Kaabi told Financial Times that war in the Middle East could "bring down the economies of the world."
Earlier this week, QatarEnergy invoked force majeure for impacted buyers after suspending output of liquefied natural gas (LNG) and associated products, the firm reported.
"Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure," Kaabi stated.
He added that even if hostilities ceased immediately, Qatar would require "weeks to months" to resume regular LNG deliveries following an Iranian drone strike on its largest LNG facility.
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