Gate News reports that on March 18, Iran announced that some of its energy facilities had been attacked, causing international oil prices to rise. Brent crude oil (the international benchmark price) traded close to $105 per barrel, up more than 3% on Tuesday. Iran’s state television said that part of the South Pars gas field and the oil industry facilities in Asaluyeh were targeted. Currently, the oil market focus is on the Strait of Hormuz, which has effectively been closed. Robert Rennie, Head of Commodity Research at Westpac Banking Corporation, stated that due to ongoing Middle East conflicts, increased shutdowns, and the technical closure of the Strait of Hormuz, Brent crude will stay within the $95 to $110 per barrel range; if large refineries are attacked or more mines are confirmed in the strait, this range could shift upward by another $10 to $20.
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