Friday, March 20, 2026

Iran war oil shocks as Gulf attacks continue

A U.S.-Israel war on Iran has escalated into a major regional energy crisis, with strikes on Iran's South Pars gas field and Iranian retaliatory attacks on Gulf energy infrastructure in Qatar, Kuwait, Saudi Arabia, and the UAE. Oil prices have surged toward $114 per barrel (Brent crude) and natural gas prices have spiked sharply, with the closure of the Strait of Hormuz compounding global supply fears. President Trump has threatened to 'massively blow up' the South Pars gas field if Iran continues attacking Qatar, while global markets and economies face mounting inflationary pressure.