Thu 19 March 2026:

Oil and gas prices have continued rising after Iran attacked energy facilities across the Middle East in retaliation to Israel’s strike on its South Pars gasfield.

Early Thursday, Brent futures topped $115 a barrel, their highest in more than a week. Gas prices have also surged by 30 percent.

Prices are also likely to rise substantially if the Strait of Hormuz remains closed, market watchers say.

“Benchmark Middle Eastern crudes like Oman and Dubai have already crossed the $150 threshold, so $200 is already within sight, even if not for Brent and West Texas Intermediate,” Vandana Hari, the founder of oil market analysis provider Vanda Insights, told Al Jazeera.

“How much further crude climbs from here almost entirely hinges on how much longer the Strait of Hormuz remains closed,” Hari added.

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Prices hit record level in EU

Natural gas prices in the EU hit the highest level since January 2023 following Iran’s strikes on Qatar’s liquefied natural gas (LNG) hub on Wednesday.

European natural gas futures soared more than 25% to around $78 per megawatt-hour as of 0800GMT on Thursday, reaching their highest levels in over three years.

From the beginning of this year, natural gas prices in the EU rose around 140%, from $32.1 per megawatt-hour.

On a yearly basis, natural gas prices in the 27-member union jumped by around 50% from around $45 per megawatt-hour.

On Wednesday, Iran launched attacks on Qatar’s Ras Laffan Industrial City, the world’s largest LNG export plant.

The United Arab Emirates also halted operations at its Habshan gas facilities after intercepting missiles, and Bahrain’s LNG assets were reportedly targeted by heavy missile strikes.

Around 20% of global LNG flows typically pass through the Strait of Hormuz, which has been largely closed since the war began on February 28.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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