Crude oil prices surged on Wednesday afternoon after Iran issued an evacuation warning for several oil facilities across the Gulf, heightening fears of an escalation that could disrupt global energy supplies.
Read more: Energy price surge derails expectations for Bank of England interest rate cuts
Brent crude (BZ=F) futures jumped 5.8% to $109 a barrel, while West Texas Intermediate (CL=F) rose 3% to $98.41 at the time of writing.
Brent remains below its recent peak of $119.50, reached after the outbreak of war, but is still up almost 50% from pre-conflict levels.
Energy infrastructure across the Middle East was being evacuated following the warning, which, according to Iranian state media, applied to oil facilities in Saudi Arabia, the United Arab Emirates and Qatar.
“These centres have become direct and legitimate targets and will be targeted in the coming hours,” the notice said.
“Therefore, all citizens, residents, and employees are requested to immediately leave these areas and move to a safe distance without any delay.”
Read more: Top oil and energy stocks to watch as crude swings wildly amid Iran war
Saudi Arabia’s state-backed oil group Aramco has begun evacuating some facilities in response to the threat of imminent strikes. The company is shifting staff from its Samref refinery and Jubail industrial complex, according to Bloomberg News.
Separately, Iranian state media reported that gas facilities at the vast South Pars field, which Tehran operates jointly with Qatar, had been attacked.
Iran has also published a list of Gulf energy sites it claims may be targeted:
Ras Laffan refinery – Qatar
Samref oil refinery – Saudi Arabia
Al Hosn gasfield – UAE
Jubail petchem plant – Saudi Arabia
Mesaieed petchem plant – Qatar
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