WSJ calls attacks on energy assets of the Persian Gulf countries a new phase of the conflict

The escalation of attacks on the oil and gas infrastructure of the Persian Gulf countries is shifting the conflict over Iran into a new, more dangerous phase, threatening global energy supplies. This was reported on March 19 by The Wall Street Journal (WSJ).

"This opens the way for new attacks on infrastructure in the region," said Neil Krosby, a spokesman for Sparta Commodities.

It is noted that the situation is aggravated by the actual closure of the Strait of Hormuz, through which about 20% of the world's oil and liquefied natural gas supplies pass under normal conditions. Against this background, market participants are laying down the risks of further supply disruptions.

"The attack on the facilities will lead to the consequences of this war having a new impact on the energy sector, beyond the closure of the Strait of Hormuz, as the time required to restore facilities after damage may exceed the duration of the war," said Martin Senior, head of LNG pricing at Argus Media.

JPMorgan estimates that the reduction in oil and petroleum products supplies could reach 12 million barrels per day, which exceeds 10% of global demand.

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Earlier in the day, it was reported that the SAMREF oil refinery in the port of Yanbu in Saudi Arabia was subjected to an air attack, the consequences of the strike were minimal. At the same time, Yanbu remains the only export market for crude oil from the Persian Gulf countries.

The day before, the Islamic Revolutionary Guard Corps (IRGC) said that Iran had no plans to expand the scale of attacks on energy facilities in the Middle East, but was forced to take this step due to threats to its own security.

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