War in the Middle East Oil Prices Hold Steady as Global Stocks Nudge Lower Oil prices remained stable on Friday after the Trump administration attempted to ease market tensions, with prices staying below Thursday’s peak of $119 per barrel. Global stock markets also showed limited movement, with most trading lower despite some regional gains. The week’s oil price surge was driven by renewed attacks on key energy infrastructure in Iran and Qatar, which raised concerns about disruptions to global energy supplies. Brent crude, the global benchmark, fluctuated around $108 per barrel on Friday, having reached a high of $119 on Thursday—a nearly 10% increase. West Texas Intermediate crude, the U.S. benchmark, settled at $95.55, up from $96 earlier in the day. The volatility was further fueled by reports of an airstrike on South Pars, a shared offshore gas field between Iran and Qatar, which damaged Iranian facilities. A Qatari energy firm confirmed that its Ras Laffan Industrial City, a major energy hub, suffered “extensive damage” from missile attacks. Qatari officials attributed the strike to Iran. The Strait of Hormuz, a critical shipping route for oil and gas that handles about one-fifth of the world’s oil supply, has seen halted traffic due to fears of attacks on vessels exiting the Persian Gulf. Gasoline prices rose again, with the national average reaching $3.91 per gallon on Friday, according to the AAA motor club. This marks a 31% increase since the war began. Treasury Secretary Scott Bessent hinted at potential measures to curb prices, including unsanctioning Iranian oil shipments—approximately 140 million barrels—and releasing more oil from U.S. strategic reserves. Diesel prices climbed even more sharply, hitting $5.16 per gallon, a 37% rise since the conflict started.#strait_of_hormuz #trump_administration #jerome_powell #ras_laffan_industrial_city #south_pars
