Global Oil Prices Rise 3 Percent Following Iran's Attack in the Middle East
Global oil prices jumped up to 3 percent on Thursday (19/3/2026) after Iran launched attacks on several energy facilities in the Middle East. The attacks occurred after Iran’s South Pars gas field was first targeted, triggering new tensions in the conflict with the United States (US) and Israel. According to trading data, Brent crude oil prices rose $3.69, or 3.44 percent, to $111.07 per barrel. Meanwhile, West Texas Intermediate (WTI) crude oil prices increased $2.29, or 2.38 percent, to $98.61 per barrel. Quoted from Reuters, this rise continued the strengthening from the previous trading session. Brent crude closed up 3.8 percent on Wednesday (18/3/2026), while WTI prices were relatively flat. On the other hand, the latest attacks on energy facilities in the Middle East propelled Brent crude prices higher. QatarEnergy stated that Iran’s missile strikes on Ras Laffan, Qatar’s main liquefied natural gas (LNG) processing hub, caused extensive damage to energy infrastructure. The United Arab Emirates (UAE) also halted some energy operations following incidents at the Habshan gas facility and the Bab oil field due to debris from intercepted missiles. Before launching the attacks, Iran had issued evacuation warnings for several oil facilities in Saudi Arabia, the UAE, and Qatar. This step was taken in response to attacks on their energy infrastructure in South Pars and Asaluyeh. South Pars itself is part of the world’s largest natural gas field, shared with Qatar on the other side of the Gulf. Market analyst from Moomoo ANZ, Tina Teng, assessed that oil prices could remain high amid rising tensions in the region. So far, there are no signs of the conflict easing or the reopening of the Strait of Hormuz in the near future. One option being discussed is securing oil tanker shipping routes through the Strait of Hormuz, which may involve air and naval forces. However, that scenario also opens the possibility of deploying ground troops to ensure the safety of those routes.