March 19, 2026

Oil and natural gas prices spiked Thursday, as Iran ramped up strikes on energy infrastructure across the Middle East and attacked one of the world’s most important liquefied natural gas (LNG) facilities in Qatar.

Brent crude, the global oil benchmark, extended the previous day’s gains, rising nearly 8% to $115 a barrel. On Wednesday, Brent settled at $107.38 a barrel, its highest closing level since mid-2022. WTI, the US benchmark, rose around 1% to $96 a barrel.

In Europe, benchmark natural gas prices surged 24% and have now more than doubled since the war began on February 28.

QatarEnergy said Wednesday that its Ras Laffan LNG hub had sustained “extensive damage,” after being attacked by Iranian missiles twice in 12 hours. Ras Laffan is the largest LNG facility in the world, according to the International Energy Agency.

 

Oil and natural gas prices surged sharply Thursday as Iran escalated its attacks on Middle Eastern energy infrastructure, including a major strike on Qatar’s Ras Laffan LNG facility, the largest in the world, causing extensive damage. Brent crude jumped nearly 8% to $115 a barrel, reaching its highest level since mid-2022, while US WTI crude rose about 1% to $96. European natural gas prices soared 24%, more than doubling since the war’s onset. This marked a significant intensification after Israeli strikes hit Iran’s South Pars gas field, and Iran warned of further attacks on Saudi Arabia, Qatar, and the UAE. Meanwhile, Saudi and Kuwaiti refineries also came under drone attacks, reflecting a rapidly escalating conflict that threatens global energy stability.

Leave a Reply