Oil prices rose as Iran claimed its energy facilities were attacked.

Oil prices surged after Iran claimed attacks on some of its energy facilities. Brent crude traded near $105 a barrel, up more than 3% on Tuesday. Iranian state television reported attacks on part of the large South Pars gas field and oil facilities in Asaluyeh. The focus of the oil market remains firmly on the Strait of Hormuz, a vital waterway that is effectively closed. Robert Lenny, head of commodities research at Westpac, said that with no end in sight to the Middle East conflict, increasing production stoppages, and the Strait of Hormuz technically closed, he still believes Brent crude will remain in a new, higher range of $95 to $110 a barrel. If a major refinery is attacked, or if more mines are confirmed to have been laid in the strait, this range is expected to move up another $10 to $20. (Jinshi)