US-Iran-Israel War Live Updates: Brent Crude Surges Past $115 After Iran Strikes Gulf Energy Sites
Crude jumped to around $115 a barrel after Iran attacked Gulf energy sites, and prices briefly moved even higher intraday.
Crude oil prices spiked sharply after Iran launched attacks on Gulf energy infrastructure, intensifying fears of a broader supply shock across global markets. Reuters reported that Brent crude rose above $119 a barrel during trading on March 19 before easing to around $114.77 by settlement, while WTI touched $100.02 intraday and later closed at $96.59.
The latest jump followed Iranian strikes on major regional energy targets after Israel hit Iran’s South Pars gas field. Reuters and AP reported damage at Qatar’s Ras Laffan LNG complex, attacks on facilities in Saudi Arabia and Kuwait, and wider disruptions that have rattled oil and gas traders.
Ras Laffan is one of the world’s most critical LNG hubs, and the Financial Times reported that the site suffered extensive damage after a missile strike. That has deepened concerns not only over crude supplies, but also over global gas availability, especially for Asian and European buyers.
Markets are reacting to the risk that the conflict could further disrupt flows through or around the Strait of Hormuz, one of the world’s most important energy chokepoints. AP said the closure of the strait and the attacks on Gulf facilities helped push Brent to as high as $116.38, while Reuters said fears of prolonged regional disruption are now driving both oil and European gas prices higher.
The energy shock is also spilling into equities and central bank expectations. Reuters reported that European and U.S. stocks fell as investors priced in stronger inflation risks, with Brent around $115 becoming a key pressure point for policymakers already wary of another energy-driven price surge.
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