Iran-Saudi Tensions Escalate, Oil Prices Surge

0:00It's March 18th. Let's get into the latest global headlines. Facilities in Iran, South Pars, and Asalouye oil industry came under attack on Wednesday, according to state media. Tehran responded by warning it would strike energy sites in Saudi Arabia, the United Arab Emirates, and Qatar. Oil prices surged right away, with Brent crude futures climbing over 6 percent to nearly $110 a barrel. Federalists say any hit to South Pars could spark Iranian retaliation against Gulf facilities, including those run by big oil companies in Qatar. Qatar labeled the strike an Israeli operation, and called it a dangerous escalation threatening global energy supplies. The country has already halted all its liquefied natural gas production due to the conflict, cutting off 20 percent of the world's LNG, and possibly the laying restarts passed May. Large details remain unclear, but Iran stopped gas exports to Iraq, diverting supplies for domestic use.

1:00That nation provides between a third and 40 percent of Iraq's gas and power needs. Iran's revolutionary guards issued evacuation alerts for key sites like Saudi Arabia's Samreff or Finery, the UAE's Al-Holzen gasfield, and several Qatar. Complexes, warning of imminent strikes. Tars, shared with Qatar, holds about a third of the world's largest natural gas reserve, mostly used at home in Iran. We'd like to thank our sponsor for making this episode possible. Podcast hit different when the sound comes from your pillow. Once you try it, it just makes sense, S-O-L-I, solelypillo.com.