Oil prices skyrocket, Trump says US 'knew nothing' about Israeli strike Iranian gas field, European countries, Japan issue statement

The price of oil has skyrocketed after continued Iranian interference in the Strait of Hormuz and ongoing strikes against oil and gas infrastructure in the Gulf. President Donald Trump denied any knowledge or involvement in Israeli strikes on Iran's South Pars natural gas field, the largest in the world.In response to this price increase the UK, France, Germany, Italy, the Netherlands, and Japan have issued a joint statement about their willingness to "contribute to appropriate efforts” to ensuring safe passage in the Strait of Hormuz. Across all metrics and types the price of a barrel of oil has shot up significantly since the start of the war, and as the conflict drags on the price continues to rise.The current price of a barrel of West Texas Intermediate, the benchmark for Canadian oil, currently stands at around $98 a barrel, with the price of Brent crude hitting almost $120 a barrel in the last 24 hours.North American oil prices, although still seeing massive price increases, have not yet seen the spike that European oil, like Brent, or especially Middle Eastern oil, has seen in the last couple of weeks.The price of natural gas has also seen a significant spike, mainly in Europe, with benchmark natural gas prices up 16.7% as of Thursday..A direct cause of this spike was the Israeli strike on the Iranian South Pars natural gas field, the largest natural gas field in the world, a strike that US President Donald Trump has said he had no knowledge of and the United States had no involvement in."Israel, out of anger for what has taken place in the Middle East, has violently lashed out at a major facility known as South Pars Gas Field in Iran. A relatively small section of the whole has been hit. The United States knew nothing about this particular attack, and the country of Qatar was in no way, shape, or form, involved with it, nor did it have any idea that it was going to happen," Trump wrote in a post on his Truth Social platform.Israel reportedly struck the gas field after Iranian strikes on Qatar LNG facilities, with the CEO of QatarEnergy saying that they have lost 17% of their LNG capacity for the next five years as a result of the Iranian strikes. .The president seems to be expressing displeasure at continued Israeli strikes on Iranian energy facilities, which has continued to raise the price of oil and gas.He also says that no more attacks will be made on the South Pars field unless "Iran unwisely decides to attack a very innocent, in this case, Qatar - In which instance the United States of America, with or without the help or consent of Israel, will massively blow up the entirety of the South Pars Gas Field."The increase in energy prices has become a top issue in American politics as of late, with the ever-increasing rise in gas prices becoming a source of upset amongst American motorists.In a response to these strikes Iran has said that if the United States or Israel continue to hit energy facilities that "the next attacks on your energy infrastructures and that of your allies will not stop until their complete destruction.”.In a sign of changing attitudes as a result of the increase in oil and gas prices, the UK, France, Germany, Italy, the Netherlands, and Japan have issued a statement signifying their willingness to ensure safe passage of vessels through the Strait of Hormuz.In the statement they condemn the Iranian attacks on commercial vessels passing through the strait and that they "express our readiness to contribute to appropriate efforts to ensure safe passage through the Strait. We welcome the commitment of nations who are engaging in preparatory planning."No further statement of what this "readiness" will entail, but this is yet more evidence that the soaring price of gas will continue to move the dial for countries uninvolved in the Iran war.

Oil prices skyrocket, Trump says US 'knew nothing' about Israeli strike Iranian gas field, European countries, Japan issue statement

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