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Oil prices have experienced a significant surge, rising more than 5%, in the wake of an Israeli strike on Iran's South Pars gasfield. This development comes as the United States-Israeli conflict with Iran continues to escalate.The international standard, Brent crude, rose 5 percent to $108.66 a barrel on Wednesday. Meanwhile, US West Texas Intermediate crude (CLc1), the price barometer for US oil, gained 2.5 percent to $98.65. This widened its discount to Brent to the largest since May 2019, driven by fears of a prolonged conflict.Iranian state media reported that natural gas facilities associated with its offshore South Pars field – the largest gasfield in the world, located off the coast of southern Iran's Bushehr province – were attacked. Iran's Revolutionary Guard threatened to attack oil and gas infrastructure in Qatar, Saudi Arabia, and the United Arab Emirates, heightening the risk of further disruptions to energy supplies in the region.Later on Wednesday, Qatari authorities reported a fire at the country's Ras Laffan gas facility after an Iranian ballistic missile attack. Qatar's Interior Ministry later confirmed that the fire had been brought under control.The US-Israeli war on Iran and Tehran's retaliatory attacks on Gulf neighbours have disrupted oil and natural gas exports from the Middle East and forced production stoppages. Experts warn that if these disruptions keep oil and gas prices elevated for an extended period, the global economy could experience a wave of inflation.Fighting has halted most shipments via the Strait of Hormuz, through which 20 percent of global oil and liquified natural gas supplies pass. Total oil output cuts in the Middle East are estimated at 7 million to 10 million barrels per day or 7 percent to 10 percent of global demand.

US President Donald Trump has requested a delay in his highly anticipated trip to China, initially scheduled for March 31-April 2, by about a month. The decision comes amid the ongoing US-Israeli war on Iran, which has resulted in significant escalation of tensions in the Middle East. “We've requested that we delay it a month or so,” Trump told reporters at the White House on Monday. “There's no tricks to it either. It's very simple. We've got a war going on. I think it's important that I be here.” The delay underscores how the Iran war has upended Trump's foreign policy agenda and risks magnifying tensions between Washington and Beijing. The war has joined trade and Taiwan as among the spectrum of issues separating the world's two biggest economies. Trump's request has been largely rebuffed so far, with China not directly responding to his request to help unblock the Strait of Hormuz, which Iran says is closed to US and Israeli-linked vessels. The Strait of Hormuz is a critical waterway through which one-fifth of the world's oil usually transits. US Secretary of the Treasury Scott Bessent said earlier on Monday that Trump may need to delay the trip due to coordinating the war effort, not because of China's unresponsiveness to Trump's request or because of any trade disagreements. “The president wants to remain in DC to coordinate the war effort. Traveling abroad at a time like this may not be optimal,” Bessent said. In related trade negotiations, the Chinese showed openness to potential additional purchases of US agricultural goods, including poultry, beef, and non-soya bean row crops, during talks with Chinese Vice Premier He Lifeng in Paris.