Oil Prices Spike To $98, Stocks Dip After Israeli Attack On Iran’s Gas Facilities

U.S. equity markets slipped into the red on Wednesday in early morning trading in New York as hotter-than-expected February producer price data reignited inflation fears just hours before the Federal Reserve is set to deliver its rate decision and updated economic projections, while Brent crude surged above $108 a barrel following an Israeli strike on Iran’s South Pars natural gas processing complex. South Pars Strike Marks Major Escalation Israel struck Iran’s South Pars gas processing facility in Assaluyeh on Wednesday morning, hitting tanks and infrastructure at the complex. South Pars is Iran’s largest natural gas field and the source of roughly 70% of the country’s gas output. It shares a reservoir with Qatar’s North Field — the world’s largest natural gas deposit. Iran’s Revolutionary Guards immediately issued evacuation warnings for several Gulf energy facilities. Iranian state media declared that Gulf energy sites are now “legitimate targets.” Iran’s Foreign Ministry said Tehran would retaliate. Qatar’s foreign ministry called the strike “a dangerous and irresponsible step amid the current military escalation.” Prediction odds of the Strait of Hormuz reopening by April 30 fell to 25%, as tracked by Polymarket. Brent crude surged 4.8% to $108.50 a barrel. WTI crude – as tracked by the United States Oil Fund Full story available on Benzinga.com