Oil prices remained volatile amid the war in the Middle East on Wednesday, with prices swinging sharply in response to military developments and statements by regional and world leaders.
Brent crude was trading at about $108 a barrel, up 5%, while U.S. crude was trading near $98 a barrel, up 2%.
The latest jump followed an Israeli strike on facilities at Iran’s South Pars gas field in Asaluyeh, in the southern province of Bushehr, according to Iranian reports. The strike halted gas production at the strategic site, which accounts for a significant share of Iran’s overall gas output.
Iran’s state broadcaster later issued what it described as an “urgent warning” ahead of possible attacks on oil facilities in Saudi Arabia, the United Arab Emirates and Qatar, saying the threat was in response to Israel’s strike on the gas facilities. Iranian media said the sites could be targeted within hours.
The Iranian statement named several facilities, including the SAMREF refinery and the Jubail Petrochemical Complex in Saudi Arabia, the Al Hasan gas field in the United Arab Emirates and the Mesaieed petrochemical complex and Mesaieed Petrochemical Holding Company in Qatar, which it said is affiliated with Chevron.
“These centres have become direct and legitimate targets and will be targeted in the coming hours,” the statement said, calling on civilians, residents and employees to evacuate the areas immediately and move a safe distance away.
The statement also blamed Gulf leaders for what it described as ignoring repeated warnings. “Previously, clear and repeated warnings were given to your rulers about entering this dangerous path and gambling with the fate of their nations,” it said. “But they chose to continue on the path of blind obedience and decision-making that does not reflect the will of their peoples, but is imposed on them from beyond their borders and in the absence of any real sovereignty. Therefore, they bear full responsibility for all consequences.”
U.S. President Donald Trump posted on Truth Social shortly after Israel struck the gas facilities in southern Iran. “Remember, for all of those absolute 'fools' out there, Iran is considered, by everyone, to be the NUMBER ONE STATE SPONSOR OF TERROR,” Trump wrote. “We are rapidly putting them out of business!”
In an earlier post, Trump referred to the Strait of Hormuz, a critical global oil shipping route that has been closed by Iran in retaliation for U.S.-Israeli strikes. “I wonder what would happen if we ‘finished off’ what's left of the Iranian Terror State, and let the Countries that use it, we don't, be responsible for the so-called ‘Straight?’” he wrote. “That would get some of our non-responsive ‘Allies’ in gear, and fast!!!”
Qatar condemned the strike on the gas facilities in southern Iran. “The Israeli targeting of facilities linked to Iran’s South Pars field, an extension of Qatar’s North Field, is a dangerous & irresponsible step amid the current military escalation in the region,” Qatar’s Foreign Ministry spokesman Majed al-Ansari said on X.
He warned that attacks on energy infrastructure threaten global energy security, regional residents and the environment, and called on all sides to exercise restraint, abide by international law and work to de-escalate in a way that preserves regional security and stability.