Latest news on the Middle East situation! International oil prices soar, gold and silver prices plummet

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Due to the Middle East situation, international crude oil futures prices continued to rise today. As of 16:57 Beijing time on March 19, NYMEX WTI crude oil futures main contract increased by 1.67%, to $97.05 per barrel; ICE Brent crude futures main contract rose by 6.88%, to $110 per barrel.

The precious metals market saw a sharp pullback. As of 16:57 Beijing time on March 19, London gold spot prices fell by 2.24%, COMEX gold futures prices dropped by 4.23%. London silver spot prices declined by 5.43%; COMEX silver futures fell by 9.4%.

According to Xinhua News Agency, Citigroup analysts believe that Brent crude oil futures could rise to $120 per barrel in the coming days. If energy infrastructure suffers widespread attacks or the Strait of Hormuz remains closed for an extended period, the average price of Brent crude futures in Q2 and Q3 this year could reach $130 per barrel.

The decline in precious metals is related to the Federal Reserve’s interest rate decision. On March 18, U.S. time, the Federal Reserve announced it would keep the federal funds rate target range unchanged at 3.5% to 3.75%.

Guotai Junan Futures believes that although the Fed’s meeting itself did not add unexpected bearish signals, the core logic driving this round of precious metal adjustments—the rekindling of inflation expectations—remains unchanged. The U.S. Producer Price Index (PPI) for February, released just before the meeting, significantly exceeded market expectations and hit a nearly one-year high. This undoubtedly sounded an alarm for the market, indicating that before this round of energy price surges, inflationary pressures were already more stubborn than expected. Recent ongoing geopolitical conflicts and the sharp rise in oil prices have further heightened concerns about the potential for more persistent inflation in the future.

Multiple Middle Eastern oil facilities attacked

According to Xinhua News Agency, Kuwait National Petroleum Company issued a statement on the 19th that its Ahmadi refinery was attacked by drones and caught fire. The company has responded “according to the highest safety standards,” and no casualties have been reported so far.

Iranian media such as Tasnim News Agency reported on the 18th that some oil and chemical facilities in South Pars and Asaluyeh in Bushehr Province were attacked by the U.S. and Israel. Iran later announced “retaliation,” targeting oil facilities associated with the U.S.

After the attack on petrochemical facilities, Hatem Ambiya Central Headquarters of the Iranian Armed Forces said they would retaliate severely. Tangsiri, commander of the Iranian Islamic Revolutionary Guard Navy, posted on social media on the 18th that oil facilities related to the U.S. would be on the same level as U.S. military bases and would suffer heavy shelling.

Iranian Parliament Speaker Qalibaf stated on social media on the 18th that enemy attacks on Iran’s infrastructure are “suicide,” and Iran has established a principle of “an eye for an eye,” signaling a new phase of conflict has begun.

Iran’s Mehr News Agency reported on the same day that the Iranian Islamic Revolutionary Guard Corps issued a statement that the Saudi Samref refinery, Jubail Petrochemical Complex, UAE’s Al Hossain gas field, Qatar’s Maysaid Petrochemical Complex, Ras Laffan Refinery (Phase 1 and 2), and Maysaid Holding Company have become “legitimate targets” and will be attacked within hours. Residents nearby are advised to evacuate to safe areas promptly.

Qatar’s Ministry of Interior and Qatar Energy said on the 18th that Ras Laffan Industrial City was set on fire due to an Iranian missile attack, causing extensive damage, with no casualties reported so far.

According to Qatar’s Al Jazeera, Ras Laffan Industrial City is home to the world’s largest liquefied natural gas production facility.

Qatar’s Ministry of Defense stated that the country was hit by five ballistic missiles from Iran on the same day, intercepting four, while one fell into Ras Laffan Industrial City, causing a fire. Civil defense said the fire has been brought under control.

Qatar’s Foreign Ministry later issued a statement condemning Iran’s attack on Ras Laffan Industrial City, calling it a serious escalation.

The Saudi Ministry of Defense announced on the evening of the 18th that Riyadh was targeted by ballistic missile attacks, with the air defense system intercepting and destroying four missiles.

Earlier that evening, Riyadh experienced multiple loud explosions, and residents received air defense alerts via mobile apps. According to Xinhua reporters, this was the first large-scale air raid alert in Riyadh via mobile apps since the U.S. and Israel launched a joint military operation against Iran on February 28.

UAE Abu Dhabi Media Office confirmed on the 19th that fragments from intercepted missiles fell on the country’s Habbshan gas facility and Babu oil field, causing damage. Habbshan Gas Facility has been temporarily shut down. No casualties have been reported, and relevant authorities are actively responding.

Additionally, Xinhua News Agency reported that the UK Maritime Trade Operations (UKMTO) issued a warning on the 19th that a vessel was attacked and set on fire in the Gulf of Oman east of Hormuz. Authorities are investigating the incident, advising ships to exercise caution and report any suspicious activity.