Brent Crude Nears $115 After Iran Hits Key Energy Sites

Written by Sandra Leggero

Sandra Leggero has a background in financial markets, having spent more than 9 years in commodities trading for several European and Asian companies. She holds a degree in Economics from the University of Pavia and specializes in emerging markets.

, | Updated: March 19, 2026

Key Moments From Middle East Energy Attacks

Brent crude rises nearly 6% to $113.77 per barrel.
Qatar LNG facility and Kuwait refineries were attacked.
Natural gas prices in Europe jumped 17% on March 19.

Oil Prices Surge Amid Middle East Tensions

Global oil prices jumped after Iran attacked two refineries in Kuwait and a major LNG facility in Qatar. Brent crude climbed to $113.77 per barrel, up almost 6%.

U.S. benchmark crude rose slightly to $96.26 per barrel. The attacks amplified concerns that disruptions may last longer than expected, affecting global energy supply.

Natural Gas Soars On Supply Disruptions

Europe’s TTF benchmark for natural gas spiked 17% in a single day and has doubled over the past month. The Iranian strikes forced the shutdown of Qatar’s Ras Laffan LNG terminal, which supplies 20% of global LNG.

The closure of the Strait of Hormuz to most tanker traffic worsened supply bottlenecks, adding pressure to energy markets worldwide.

Potential Global Economic Impact

If oil and gas prices remain elevated, inflation risks could intensify globally. Higher energy costs are expected to burden import-dependent economies and increase production expenses.

Analysts warn that prolonged disruptions could trigger a ripple effect across industries and markets, further complicating global recovery.

Financial Markets React To Rising Energy Prices

Markets showed mixed reactions. Wall Street futures slipped slightly: S&P 500 and Dow fell 0.1%, Nasdaq dipped 0.3%. European indices, including Germany’s DAX and France’s CAC 40, dropped over 1.5%.

Asian markets also declined sharply. Tokyo’s Nikkei fell 3.4%, Hong Kong’s Hang Seng lost 2%, and Seoul’s Kospi slid 2.7%, reflecting heightened uncertainty.

Central Banks Monitor Tensions And Price Volatility

The Federal Reserve kept rates steady, citing elevated inflation and Iran war risks. The Bank of Japan also held rates at 0.75%, noting oil price spikes and global volatility as key factors.

High energy costs remain a challenge for import-reliant countries like Japan, South Korea, and Taiwan, putting pressure on their economies and currencies.