Brent crude spiked to nearly $120 a barrel Thursday morning before retreating, as the Iran conflict expanded to threaten major energy hubs across the Middle East. A drone struck a Saudi refinery, and President Trump issued a stark warning that the U.S. would destroy Iran’s South Pars gas field if Iran attacks Qatar.
By late morning, Brent futures had pulled back to around $112, while West Texas Intermediate was trading near $98.
The rally built on Wednesday’s gains, which came after Israeli warplanes struck gas-processing and petrochemical facilities connected to South Pars — the world’s largest natural gas reservoir. The strikes marked the…
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