US EditionOil Prices Soar as Iran Targets Gulf Energy Sites
Iran's retaliation after an Israeli strike caused extensive damage and shutdowns at critical Gulf energy facilities, disrupting about 20% of global oil supply through the Strait of Hormuz, IEA says.
- On March 16, 2026, the International Energy Agency reported the Iran war caused the "largest supply disruption in the history of the global oil market," with the Strait of Hormuz effectively closed and crude output cut by roughly 8 million barrels per day.
- The conflict began February 28, 2026, when U.S. and Israeli air strikes targeted Iran's energy infrastructure, prompting retaliatory Iranian missile attacks on Qatar's Ras Laffan and the South Pars gas field.
- Global benchmark crude prices surged above $100 per barrel following the attacks, threatening sustained inflation and slowing economic growth in import-dependent Europe and Asia as governments scrambled to shield consumers and industries.
- To mitigate supply shocks, the IEA's 32 members agreed to unlock 400 million barrels from strategic reserves, while President Donald Trump issued a 60-day Jones Act waiver to ease surging energy costs.
- UN climate chief Simon Stiell called the market turmoil an "abject lesson" on fossil fuel risks, urging European leaders to accelerate the renewable energy transition to ensure national security and insulate economies from geopolitical shocks.
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Iran reacts to attacks on its energy infrastructure by attacking oil refineries in Kuwait and Saudi Arabia. The Ras Laffan LNG plant in Qatar was also attacked. As a result, gas and oil prices increased significantly.[more]]>
International oil and natural gas prices surged in tandem as the conflict between Israel and Iran spread to major energy facilities in the Middle East. According to Bloomberg and other sources on the 19th (local time), Brent crude futures for May delivery on the London ICE Futures Exchange rose to $119.13 per barrel at one point during trading, up more than 10% from the previous session. This figure is close to its highest level since July 2022.…
Brent crude nears $115 after Iran attacks key energy facilities in the Gulf
Global energy prices soared after Iran attacked two oil refineries in Kuwait and a key natural gas facility in Qatar that can supply one-fifth of the world’s liquified natural gas. The attacks added to fears the energy crisis triggered by…
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