Sharp surge in oil prices; catastrophic situation on the market – countries begin introducing restrictions

The benchmark Brent crude oil price reached $112 per barrel early in the morning in Asia, up more than 5 percent from Tuesday’s prices, the BBC reported.

The sharp increase followed reports that an Iranian petrochemical complex at the South Pars gas field had been hit.

A few hours later, Qatar reported significant damage at the Ras Laffan industrial site following threats from Iran.

Although both oil and gas prices surged, they remained below the peaks seen earlier in the conflict, the BBC noted, recalling that oil reached $116.78 per barrel on March 9.

Iran’s Ministry of Oil said that the fire at the petrochemical complex had been brought under control, according to Tasnim, a news agency affiliated with the Islamic Revolutionary Guard Corps.

It is worth noting that the situation on the oil and gas market is catastrophic. Oil prices have climbed to $112 per barrel today, up from $65. Slovenia has introduced restrictions at gas stations, while fuel prices in the United States have already reached $5 per gallon.