Iran reports attack on its energy facilities, oil prices surge

Odaily reported that oil prices surged after Iran announced that some of its energy facilities had been attacked. Brent crude traded close to $105 per barrel, rising more than 3% on Tuesday. Iran's national television stated that parts of the large South Pars gas field and oil industrial facilities in Assaluyeh were attacked. The oil market remains focused on the strategically vital Strait of Hormuz, which is effectively closed. Robert Rennie, Head of Commodity Research at Westpac Bank, said that due to the ongoing conflict in the Middle East, increasing shutdowns, and the technical closure of the Strait of Hormuz, Brent crude is expected to remain in the new, higher range of $95 to $110 per barrel. If a major refinery is attacked or more mines are confirmed to be deployed in the strait, this range could rise by another $10 to $20. (Golden Ten Data)