Brent crude surpasses $110 in post-market trading as attacks on Iranian facilities

Oil prices rose sharply this Wednesday, March 18, following reports of attacks on oil and gas installations in the Irã, including the South Pars field, the largest natural gas field in the world. May’s Brent closed with a gain of 3.83% at US$107.38 a barrel, while WTI rose 0.11% at US$96.32 a barrel. In the post-market, around 5:30 pm local time in the main markets, Brent increased gains to 7.7% and WTI advanced 4%, surpassing the US$ 110 mark at times.

Semi-official Iranian agencies reported that important facilities in the oil and gas industry were hit, with emergency services acting to contain fires in refineries and petrochemical areas. The South Pars field, shared with Catar, and the Asaluyeh region concentrated the damage reports. Essas occurrences mark the first direct attacks on production facilities since the start of the conflict.

• South Pars represents one of the largest global reserves of natural gas.
• Asaluyeh is home to petroleum and petrochemical processing complexes.
• Catar has confirmed related impacts to its shared infrastructure.

Escalation in attacks and immediate market reaction

Markets reacted quickly to the new incidents. Brent had already closed at $103.42 on Tuesday, March 17, the highest level since the start of the war. Desde February 28, when the first attacks by Estados Unidos and Israel on Irã occurred, crude oil prices rose by around 40%.

Analysts highlight that investors now price longer interruptions in flows at Estreito from Ormuz. Essa route concentrates much of the global transportation of oil and liquefied natural gas. The absence of clear signs of de-escalation keeps volatility high in futures contracts.

Impact on Iraqi exports and route alternatives

This Wednesday, Iraque resumed exports of crude oil from the Kirkuk fields via the port of Ceyhan, on Turquia. The Iraqi federal government and the Governo Regional of the Curdistão agreed to adopt security measures to protect the camps and ensure the continuity of shipments.

Exports should occur at an initial rate of 250 thousand barrels per day. Antes of the conflict, Iraque produced around 4.5 million barrels per day, according to data from Administração, Informação Energética and Estados Unidos. The resumption represents only a fraction of the total volume affected by the blockage in Estreito of Ormuz, which impacts around 20 million barrels of crude oil and derivatives per day.

Reactions on gas facilities and side trading

Catar temporarily idled its largest liquefied natural gas plant following reports of damage at South Pars. Autoridades Qataris classified the episode as a dangerous escalation in the region. Fontes Iranian security officials indicated that Teerã maintains negotiations with eight countries outside of Oriente Médio to ensure safe passage of tankers carrying oil traded in Chinese yuan.

These conversations occur in parallel with the intensification of attacks. The Irã launched new missiles against Israel this Wednesday, with two killed by shrapnel in Tel Aviv and impacts in several locations in the city, according to local police. The country has promised retaliation for the assassination of Iranian leaders this week.

Gasoline prices in the Estados Unidos reach their highest in almost three years

In Estados Unidos, the average price of a gallon of regular gasoline rose another 5 cents to US$3.84, the highest value since September 2023. a 29% increase in a short period.

The pace of increase compares to that observed during hurricane Katrina in 2005, when refining operations in Costa of Golfo were paralyzed. Motoristas Americans face significant additional costs amid global fuel volatility.

Production context and persistent risks in Golfo

The focus of market participants remains on the duration of the conflict and the possible extent of attacks on other energy infrastructure. Especialistas closely monitor any additional interruption in supplies transiting through Estreito from Ormuz, an essential route for balancing global supply.

Recent fluctuations show that positive news, such as the partial resumption of Iraqi exports, has a limited effect in the face of broader geopolitical risks. The contracts remain sensitive to any new report of an incident in the producing region.

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Rising tension following recent attacks on leaders

Irã intensified actions against Israel in response to the assassination of two important leaders, including security chief Ali Larijani. This Wednesday’s missile launches reinforce the escalation that has already directly affected energy markets since the end of February.

Extraction and processing equipment remains under constant surveillance. Qualquer expanding targets could put even more pressure on international prices of oil and oil products.

Oil prices Brent surpass $110 in post-market trading as attacks on Iranian facilities

Brent closed up nearly 4% following attacks on key facilities at Oriente Médio. In the post-market, gains accelerated with reports of damage in South Pars and Asaluyeh. Agências Iranian companies confirmed that emergency services operate in affected refineries and petrochemical areas.

These incidents represent the first direct action against production facilities since the start of the conflict. WTI also extended gains in post-market trading, reflecting global supply concerns.

Effects on alternative routes and blocked volumes

The resumption of 250 thousand barrels per day via Turquia partially alleviates the situation, but remains small compared to the daily volume blocked at Estreito and Ormuz. Analistas classify the additional flow as a drop in the bucket relative to the scale of global supply affected.

Negotiations for safe yuan oil tanker routes occur simultaneously. The market continually assesses the risk of prolonged interruptions in energy flows.

Repercussions on domestic fuel prices

Gasoline in the Estados Unidos recorded the highest level in almost two and a half years. The rapid increase of 29% in 18 days puts pressure on family budgets and logistical operations in several states.

Seven regions already operate with an average above US$4 per gallon. The spike reflects the direct transmission of international volatility to American retail.

Current situation and continuous monitoring

Energy markets continue to adjust positions based on developments in the conflict. Qualquer new attack or de-escalation signal can quickly change futures contract prices.

Participants closely monitor production and transport indicators in the Golfo Pérsico region. Price stability will depend on the evolution of events in the coming hours and days.