Global oil prices top $112 a barrel

Crude oil prices have staged a sharp rebound across Tuesday and Wednesday after both Israel and Iran attacked energy infrastructure in the gulf region, escalating the war that will be entering its fourth week soon, CNBC reported.

US crude or the West Texas Intermediate gained as much as 3.5% in early Asia trading on Thursday, March 19, to near $99 a barrel, while after the initial drop on Wednesday, Brent reversed course to close near the $110 per barrel mark. The variant is up another 4% this morning to a high of $112 a barrel, nearing the initial war high of $120. US natural gas also saw a jump of close to 5% overnight.

In retaliation to the Israeli strike on the South Pars gas field, Iran launched a  strike at Qatar's Ras Laffan industrial city, which saw one missile hit, while four others were intercepted. Ras Laffan also houses the world's biggest LNG production site, which is already shut since the start of the month during the initial attacks.