SINGAPORE: Oil prices rose on Thursday, with benchmark Brent rising to its highest in more than a week, after Iran attacked energy facilities across the Middle East following Israel's strike on its South Pars gas field, a major escalation in the war. WTI has been trading at its widest discount to Brent in 11 years due to releases from U.S. strategic reserves and higher freight costs, while renewed attacks on Middle Eastern energy facilities boosted support for Brent. Iran issued evacuation warnings before its attacks for several oil facilities across Saudi Arabia, the UAE and Qatar, as it prepared to retaliate for strikes on its own energy infrastructure in South Pars and Asaluyeh. Israel carried out the South Pars gas field attack, but the United States and Qatar were not involved, President Donald Trump said late on Wednesday. He added that Israel would not further attack Iranian facilities in South Pars unless Iran attacked Qatar, and warned that the United States would respond if Iran acted against Doha.

Source: The Star March 19, 2026 15:44 UTC