Oil Surges Past $110 as Gas Field Strike Escalates West Asia Tensions

• Oil prices soared past $110 a barrel after a strike on the North Dome/South Pars gas field, the world’s largest natural gas reservoir shared by Iran and Qatar.
• Iran and Qatar attribute the incident to Israel, leading to heightened regional hostilities and Iran vowing retaliation against energy infrastructure.
• Brent crude futures jumped to $111.07, while US WTI crude rose to $98.61, with the Strait of Hormuz remaining closed.
• QatarEnergy reported extensive damage to its Ras Laffan LNG hub, and UAE facilities were hit by missile debris; Saudi Arabia intercepted ballistic missiles.
• The US suspended a law to mitigate price shock, but analysts doubt its effectiveness, while considering deploying troops to secure Strait of Hormuz.