Global oil and natural gas prices soar

19/03/2026

NEW YORK, Mar 19: Global oil and natural gas prices soared after Iran attacked a key natural gas facility in Qatar that can supply one-fifth of the world’s gas and two oil refineries in Kuwait.

The attacks raised fears that the global energy crisis triggered by the closure of the Strait of Hormuz to tanker traffic would be longer and more extensive than feared, with lasting damage to oil and gas production.

International benchmark Brent crude rose to near $114 per barrel, up from under $73 per barrel on the eve of the war.

The European TTF benchmark for natural gas prices traded 24% higher on Thursday.