Market News

(Bloomberg) -- Oil prices bounced around in volatile trading Thursday, as damage to major Persian Gulf energy facilities overshadowed remarks from the US and Israeli leaders aimed at reassuring markets.

President Donald Trump told reporters he’s “not putting troops anywhere” after being asked about the possibility of deploying US ground troops, and Israeli Prime Minister Benjamin Netanyahu said Israel would refrain from more attacks on Iranian energy facilities.

But earlier in the day, an Iranian missile strike on the Ras Laffan complex in Qatar caused extensive damage to the world’s largest liquefied natural gas plant. Two facilities that produce 17% of the country’s LNG exports, or about 13 millions tons a year, were affected and it will take three to five years to repair them, QatarEnergy Chief Executive Officer Saad al-Kaabi told Reuters.

Thursday’s oil session was marked by more volatility, as the price swings sent some traders to the sidelines. Brent rose as much as 11%, to top $119 a barrel, before easing back from the bulk of those gains to settle up 1.2% at $108.65, the highest level since July 2022. Prices then drifted lower in after-market trading.