Oil prices jumped sharply on Wednesday after Israel launched a rare strike in Doha, Qatar, killing several Hamas members and a Qatari security officer. The unprecedented attack on Qatari soil rattled global energy markets and raised fears of wider instability in the Gulf region.
According to market data, WTI crude rose 1.37% to $63.11, while Brent gained 1.32% to $66.89. Analysts said the rise in oil prices was driven by fresh geopolitical risks, as traders adjusted their outlook for energy supply and demand.
Although Qatar is not a major crude exporter, it remains a leading supplier of natural gas and an influential player in the Gulf’s energy network. Experts warned that any disruption in the region could further intensify volatility in oil benchmarks.
Israel’s strike fuels uncertainty
Local authorities confirmed that Israel’s strike in Doha targeted Hamas negotiators, killing five members along with a Qatari security officer. The White House later acknowledged Israel’s responsibility, with officials stressing that Washington was not directly involved.
Qatar’s Ministry of Foreign Affairs strongly rejected U.S. claims that it was warned in advance. Spokesperson Majed al-Ansari said the call from Washington came “during the sound of the explosions.” Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani condemned the incident as “state terrorism” and a violation of Qatar’s sovereignty.
Oil markets face multiple pressures
The rise in oil prices also reflects ongoing supply-side challenges, including OPEC+ production adjustments and reduced U.S. shale output. Analysts noted that these factors, combined with escalating Middle East tensions, could keep markets on edge in the coming weeks.
Former U.S. President Donald Trump later expressed regret over the strike, clarifying that Israeli Prime Minister Benjamin Netanyahu made the decision independently. Despite his assurance that such an event would not be repeated, traders remain cautious.
With energy markets already fragile, experts say any further escalation in the Gulf could send oil prices climbing even higher.
In other news read more about Qatar Denies Pre-Strike Warning After Israeli Attack on Hamas Negotiators
