Oil Prices Hit $112 as Iran Expands Strikes on Gulf Energy Sites

Group 1 - Oil prices have surged, with Brent crude reaching $112.00 (up 4.27%) and West Texas Intermediate at $98.95 (up 2.73%) due to escalating Middle East conflicts and targeted energy infrastructure [1] - Iranian missile strikes have caused significant damage to the Ras Laffan industrial complex, impacting global liquefied natural gas supply [2] - The United Arab Emirates has suspended operations at its Habshan gas facility following missile incidents, affecting additional energy infrastructure including the Bab oil field [2] Group 2 - Iran continues to target Saudi Arabia, Kuwait, Iraq, and Bahrain, with Saudi Arabia reporting the destruction of 19 drones and four missiles aimed at Riyadh [3] - Shipping in the region is under threat, with incidents reported near the Strait of Hormuz, indicating a coordinated strategy by Iran to disrupt energy supply and increase oil prices [3] - The US is considering deploying additional military assets to secure shipping routes, suggesting ongoing upward pressure on oil prices [4]