Oil in $100 Bbl Range as War Hits More Middle East Energy


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- U.S. West Texas Intermediate crude revisited $100 bbl 
territory while North Sea Brent peaked at near $120 Thursday (3/19) after new 
attacks by Iran on Middle Eastern oil and gas infrastructure.

   The latest hostilities against global energy output came on the heels of 
Wednesday's (3/18) strikes by Israel on the South Pars gas hub, which accounts 
for up to 80% of Iran's natural gas output.

   Tehran in response launched missiles Thursday at Ras Laffan, the site of 
Qatar's core liquefied natural gas operations. The UAE, meanwhile, reportedly 
shut some energy operations, after its Habshan gas facilities and the Bab oil 
field were impacted by debris from intercepted missiles. Kuwait reported 
Iranian drone hits on two of its refineries, and Saudi Arabia said it had 
intercepted an Iranian drone aimed at a gas facility.

   The Strait of Hormuz bordering Iran and Oman, meanwhile, remained 
inaccessible to tankers that used to carry 21 million bpd of petroleum liquids.

   U.S. President Donald Trump, in an attempt to contain the Middle East 
conflict's widening impact on energy, told Israel in a social media post late 
on Wednesday (3/18) to cease attacks on Iranian gas while cautioning Tehran not 
to target Qatar's LNG.

   "I do not want to authorize this level of violence and destruction because 
of the long term implications that it will have on the future of Iran, but if 
Qatar's LNG is again attacked, I will not hesitate to do so," Trump wrote on 
his Truth Social media platform.

   Separately, a media report on Wednesday said the Trump administration was 
considering deploying thousands of U.S. troops to reinforce its operation in 
the Middle East. The White House, which initially pledged not to put U.S. boots 
on the ground for the war in Iran, did not immediately comment on that.

   By 8:55 a.m. ET, NYMEX WTI futures for April were up $0.66 at $96.98 bbl 
after reaching a session high at $100.02. The May delivery contract for Brent 
was higher by $5.46 at $112.84 bbl, following an intraday peak at $119.11 bbl.




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