The price of oil in the world market increased to 110 dollars per barrel

ছবিঃ সংগৃহীত

News Desk:The attacks on energy infrastructure in the Middle East have caused major volatility in the global oil market. Oil prices rose to around $110 per barrel in international trading on Wednesday. Meanwhile, the price of gas has also increased.

The BBC reported that the price of Brent crude oil rose to $112 on the Asian market on Thursday morning (March 19), which is at least five percent higher than last Tuesday.

On the other hand, benchmark UK gas prices rose almost six per cent to 143.53 pence per therm, although they later eased slightly to around 140 pence.

Current oil and gas prices are still lower than at the beginning of March. On March 9, the price of oil in the world market reached 116.78 dollars per barrel and on March 3, the UK gas price reached 162.55 pence.

The main reason behind this recent price increase is the news of Israeli attack on Iran's South Pars gas field. The attack on one of the world's largest gas fields caused concern in the market.

Shortly afterwards, Qatar reported extensive damage to its Ras Lafan industrial area. The facility is part of the same gas field that Qatar operates under the name 'North Dome'.

Iran's oil ministry said a fire broke out in South Pars after the attack, but it has been brought under control. At the same time, Iran's military has warned of "severe retaliation" in response to attacks on energy infrastructure.