Business
Oil Prices Extend Gains, Topping $111 a Barrel
Oil prices are climbing higher in after-hours trading, with Brent crude futures topping $111 a barrel, after new attacks on critical energy infrastructure in the Middle East.
Futures rose during regular trading hours after Israel struck the South Pars gas field, the world’s largest such facility, which is shared by Iran and Qatar. Futures added another $4 a barrel after Iran retaliated by striking a major fuel hub in Qatar, causing extensive damage.
It is “highly unlikely Iran is going to soften their stand on the Strait of Hormuz if their energy assets are being attacked,” wrote Robert Yawger, commodity specialist at Mizuho Securities, in a note.
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