Oil prices give up gains as Netanyahu says Israel will help US reopen Strait of Hormuz, Iran attacks Gulf energy infrastructure

Core Insights - Oil prices experienced a decline following Israeli Prime Minister Benjamin Netanyahu's announcement regarding assistance to the US in reopening the Strait of Hormuz, amidst escalating attacks on energy infrastructure in the Gulf [1][2] Group 1: Oil Price Movements - Brent crude futures briefly surpassed $119 per barrel, while West Texas Intermediate (WTI) crude reached around $97 per barrel before both benchmarks retreated to above $104 and near $93 per barrel, respectively [2] - Rystad Energy indicated that if Iran's potential targets were fully realized, oil prices could reach $120 per barrel, a level Brent crude nearly achieved [6] Group 2: Escalation of Conflict - Recent attacks on Middle Eastern energy infrastructure marked a significant escalation in the ongoing conflict, with Israel targeting Iran's South Pars gas field, the largest natural gas reserve globally [3][4] - Following the strikes, Iran issued a target list for regional energy infrastructure and executed attacks on Saudi Arabia's SAMREF refinery, gas facilities in the UAE, and refineries in Kuwait [5] Group 3: Damage to Infrastructure - Qatar's Las Raffan LNG export terminal, the largest in the world, reportedly sustained extensive damage, prompting QatarEnergy to declare force majeure on shipments from the facility [6]