Oil and Gas Prices Surge Amid Iran-Israel Attacks on Gasfields

Published: 19 March 2026. The English Chronicle Desk. The English Chronicle Online.

Oil and gas prices spiked sharply after escalating attacks by Israel and Iran on gasfields raised concerns about prolonged global supply disruptions. Brent crude rose eight percent to $116 per barrel amid ongoing geopolitical tensions.

Since the start of US and Israeli military actions on 28 February, crude oil prices have surged nearly sixty percent. European gas prices also climbed significantly, with Dutch wholesale gas reaching €68 per megawatt hour, its highest since December 2022.

UK wholesale gas prices more than doubled since late February, pushing month-ahead contracts to 172p per therm. Households across Britain may face higher energy bills as traders react to Middle East instability.

Iran intensified attacks on energy infrastructure, hitting Ras Laffan, Qatar’s world-largest LNG facility, following Israel’s strikes on South Pars gasfield. QatarEnergy reported extensive damage and sizeable fires at several LNG plants, which were later contained.

Shell confirmed that Iran’s attack affected its Pearl GTL gas-to-liquids facility. The fire was quickly extinguished, there were no injuries, and the facility is now in a safe state. Authorities in Abu Dhabi also halted operations at Habshan gas facility and Bab oilfield due to the conflict.

Stock markets reacted negatively to the spike in energy prices. Asia’s Nikkei fell 3.4%, South Korea’s Kospi dropped 2.7%, and Hong Kong’s Hang Seng slid 2%. European markets mirrored the decline, with the UK FTSE 100 down 1.7%, Germany’s Dax down 2.3%, and France’s CAC down 1.7%.

Former US President Donald Trump warned of “massive” consequences if Iran attacks Qatar again, highlighting the risk of further escalation. Analysts warn oil could surge to $150 per barrel if the conflict intensifies.

Susannah Streeter noted that energy shocks could have long-term repercussions worldwide. She highlighted Europe’s reliance on Qatari LNG as countries reduce dependence on Russian supplies. Rising prices are expected to impact tourism, businesses, and household budgets globally.

The ongoing conflict underscores the vulnerability of international energy supply chains and the interconnected risks posed by geopolitical instability. Investors, governments, and energy companies remain on high alert as attacks continue to affect key infrastructure.