Oil Prices climbed on Wednesday after Israel launched a rare strike in Doha, Qatar. The attack killed five Hamas members and a Qatari security officer. It was the first Israeli strike on Qatari soil, raising regional tensions and unsettling energy markets.
WTI crude increased 1.37% to $63.11, while Brent rose 1.32% to $66.89. Analysts said the rise reflected fears of wider instability in the Gulf. While Qatar is not a major crude exporter, it is one of the largest natural gas suppliers in the world. Its role in the Gulf’s energy network makes any disruption a concern for global markets.
The strike comes during an already fragile period for energy supplies. OPEC+ production changes and a decline in U.S. shale output had already pressured markets. The new conflict-driven risks have added to volatility, causing Oil Prices to spike further.
Local authorities reported that the strike targeted a residential area in Doha. Israel confirmed it aimed at Hamas negotiators located in the city. The White House admitted its envoy tried to alert Qatar beforehand but said the warning came too late.
Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani condemned the strike. He described it as “state terrorism” and a breach of sovereignty. He added that Washington’s call arrived only after explosions had already begun.
Former U.S. President Donald Trump later expressed regret. He assured Qatar that such an incident would not be repeated. Trump clarified that the decision was made solely by Israeli Prime Minister Benjamin Netanyahu.
The strike has created new uncertainty in the Gulf, a region already critical to global energy supply. Analysts warn that if tensions escalate, Oil Prices could rise further, fueling concerns about energy security worldwide.
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