Global oil prices have surged to a five-year high of about $114 per barrel following intensified military strikes between Israel and Iran targeting key energy infrastructure across the Middle East.
Gatekeepers News reports that Brent crude rose by over 6 percent to $114.08 per barrel—the highest level since May 2022—while U.S. crude also recorded gains.
The spike was triggered by a major escalation in the ongoing conflict. Israel initially struck Iran’s South Pars gas field, one of the world’s largest energy reserves, prompting Iran to retaliate with missile and drone attacks on oil and gas facilities in countries including Qatar and Saudi Arabia.
These attacks have disrupted critical global energy infrastructure. Notably, Iran targeted Qatar’s Ras Laffan liquefied natural gas facility—responsible for a significant share of global gas supply—raising fears of prolonged shortages.
Reports indicate that oil prices briefly climbed even higher in some markets, with Brent crude nearing or exceeding $118 per barrel amid growing concerns about supply disruptions and the closure of key shipping routes like the Strait of Hormuz.
Analysts warn that the situation could have far-reaching economic consequences. Rising energy costs are already shaking global financial markets and may trigger higher inflation, increased transportation costs, and potential interest rate hikes if the conflict persists.
The escalation marks a significant shift in the conflict, as both sides increasingly target energy infrastructure, an action that directly threatens global oil and gas supply chains and heightens fears of a broader economic crisis.
