Oil Prices Fall, but Energy Firms Remain Frozen After U.S.-Iran Deal
Analysts said oil and natural gas energy companies would not quickly restore production unless attacks stopped and ships started moving through the Strait of Hormuz.
Analysts said oil and natural gas energy companies would not quickly restore production unless attacks stopped and ships started moving through the Strait of Hormuz.
The U.S. and other exporters are poised for a windfall, but disruptions to Persian Gulf supplies are also pushing gas-buying countries to consider alternatives like coal, solar and nuclear energy.
With the use of electronic jamming systems and interceptor drones, the Ukrainian national oil and gas company may be a model for others.
American and European oil and gas companies are expected to earn a lot more as prices surge but are worried about the future.
Attacks on oil and natural gas facilities this week could make it much harder for Persian Gulf countries to rebuild and restart production when the war eventually ends.
The South Pars gas field, hit by airstrikes on Wednesday, is central to the energy supply of Iran, which was already suffering blackouts before the war.
The field is part of a vast gas reservoir shared by Iran and Qatar. The strike appeared to be one of the most significant attacks on an energy site since the U.S.-Israeli air war against Iran began.
The strikes appeared to be some of the most significant attacks on energy sites since the U.S.-Israeli air war against Iran began almost three weeks ago.
Conflict is forcing producers to slash production and close ports as Iran steps up attacks on energy infrastructure.
The volatility in energy markets because of the war in Iran could not come at a better time for President Vladimir V. Putin.