São Paulo – Oil prices surged on Thursday (19) after Iran attacked Qatar’s largest liquefied natural gas facility, Ras Laffan, as well as refineries in Saudi Arabia and Kuwait, heightening fears that the war could trigger a global energy crisis.
The conflict, which began on February 28 with attacks by the United States and Israel on Iran, is taking on new dimensions with direct strikes on fuel production sites, no longer limited to storage and transport facilities.
The price of North Sea Brent rose to USD 114.64, and West Texas Intermediate (WTI) briefly surpassed USD 100. Prices reached USD 119 before easing later in the day.
Qatar is the world’s second-largest exporter of LNG. The Iranian blockade of the strategic Strait of Hormuz—through which 20% of global oil and gas exports flowed before the war—remains at the center of attention.
Germany, the United Kingdom, France, Italy, Japan, and the Netherlands said they were “willing to contribute” to ensuring security along this crucial maritime passage. The International Maritime Organization (IMO) called for the creation of a “safe corridor” for navigation in the Gulf to evacuate stranded vessels, following an emergency meeting in London.
The WTO forecasts a sharp slowdown in global merchandise trade this year, with growth limited to 1.4% if energy prices remain high due to the war in the Middle East.
Read more:
Brazil’s MBRF reroutes to serve Middle East
Reproduction of this content is prohibited
Translated by Guilherme Miranda
