Trump claims Israel attacked Iran without US involvement
Israel bombed Iran’s massive Pars natural gas field, causing oil prices to jump and setting a new benchmark in the U.S.-Israeli war.
Oil and natural gas prices continue to rise as tensions between Iran and Isreal continue.
Benchmark Brent oil prices jumped above $119 a barrel on Thursday, March 19 after Iran attacked energy facilities across the Middle East following Israel’s strike on its South Pars gas field, according to Reuters. Meanwhile, West Texas Intermediate crude rose nearly 4% to north of $99 a barrel, reported Business Insider.
South Pars is the world’s largest natural gas field, with ownership of the field shared between Iran and Qatar.
Iran’s military command said strikes on the country’s energy facilities represented “a new stage in the war,” which brought retaliatory strikes against energy facilities linked to the United States, reported USA TODAY.
“If strikes (on Iran’s energy facilities) happen again, further attacks on your energy infrastructure and that of your allies will not stop until it is completely destroyed,” said Col. Ebrahim Zolfaqari, a spokesperson for Iran’s Khatam al-Anbiya Central Headquarters, according to state media.
Here’s what to know about current oil prices.
Brent crude oil price
Benchmark Brent oil prices jumped above $119 a barrel on Thursday, March 19, according to Reuters. It was trading 6% higher at around $113.50 at 6:20 a.m. MT/7:20 a.m. CT, reported Business Insider.
What is Brent crude oil?
Crude oil is lighter in density and easier to refine into gasoline, while oil with a heavier density is more difficult to refine, according to Charles Schwab, a financial services company. Brent Crude is often considered the global benchmark for oil because roughly two-thirds of the world’s oil is priced off Brent Crude futures.
What’s the difference between WTI and Brent Crude?
According to Charles Schwab, WTI Crude Oil is extracted from fields located in the United States (specifically Texas, North Dakota, and Louisiana), while Brent Crude is extracted from the North Sea near Europe. The two also vary when it comes to oil density, and sulfur content.
Gas prices today
Gas prices continue to rise across the country, with AAA reporting the national average has now risen to $3.884 for a gallon of unleaded fuel, compared to one month ago, when the average was $2.929. The highest price recorded for a gallon of unleaded gas was $5.016 on June 14, 2022, according to AAA.
How much is diesel per gallon?
Diesel is also up on average, with a price of $5.099 per gallon — inching closer to its highest recorded price, which was $5.816 per gallon on June 19, 2022.
USA TODAY contributed to this story.
Natassia Paloma may be reached at npaloma@gannett.com, @NatassiaPaloma on x; natassia_paloma on Instagram, and Natassia Paloma on Facebook.