Oil rises 3% after Iran strikes Middle East energy facilities

Oil prices rose as much as 3% on Thursday after Iran attacked several energy facilities across the Middle East following a strike on ​its South Pars gas field, a major escalation in Tehran’s war with the U.S. ‌and Israel. Brent futures were up $3.69, or 3.44%, to $111.07 by 0142 GMT, while U.S. West Texas Intermediate crude rose $2.29, or 2.38%, to $98.61. Brent closed up 3.8% on Wednesday, while WTI settled nearly flat. 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 have given greater support to Brent. QatarEnergy said on Wednesday that Iranian missile attacks ​on Ras Laffan, the site of Qatar’s core LNG processing operations, caused “extensive damage” to its energy hub.