Global oil prices surged on Thursday, with Brent crude climbing above $114 per barrel after Iran launched attacks on key Gulf energy infrastructure and warned of further escalation.
Oil and natural gas prices soar, Brent crude nears $114 as Iran attacks Gulf energy facilities https://t.co/W4LwkkVX1o pic.twitter.com/aCoUr18uAO
— WAVE (@wave3news) March 19, 2026
The price rally followed Iranian missile strikes on Qatar’s Ras Laffan complex, the world’s largest liquefied natural gas hub, raising serious concerns about global energy supply. QatarEnergy confirmed extensive damage to facilities, while European gas prices jumped more than 30% in response to the disruption.
Read More: Oil prices surge as Iran attacks energy sites
The escalation comes after an earlier strike on Iran’s South Pars gas field, a critical energy site that Iran shares with Qatar. Tehran warned it would continue targeting regional installations if attacks on its infrastructure persist.
In the United Arab Emirates, authorities in Abu Dhabi temporarily shut down a gas facility after debris from intercepted missiles fell near the site, further highlighting the widening impact of the conflict.
US President Donald Trump said Washington was not involved in the initial strike on South Pars but warned Iran against continuing attacks on Qatar. He added that the United States would respond strongly if Tehran escalates further.
The surge in oil prices also weighed on global financial markets, with major Asian indices falling sharply. Investors are increasingly concerned that prolonged disruptions could drive inflation higher and lead to tighter monetary policies worldwide.
Meanwhile, the International Atomic Energy Agency said a projectile struck near Iran’s only operational nuclear power plant but caused no damage. Iranian officials warned that further attacks on their energy infrastructure could trigger wider consequences affecting global stability.
Read More: Pakistan Stock Exchange falls as oil spike fuels inflation fears
Analysts say markets remain highly volatile as tensions persist, with uncertainty surrounding the Strait of Hormuz, a key route for global oil shipments.