Oil Prices Skyrocket as Israel-Iran Conflict Spills Over to Qatar’s Energy Hubs
Tarai 24 Business & International Desk, March 19, 2026 — Global energy markets have been thrown into absolute turmoil today following a massive escalation in the ongoing Middle East conflict. Oil and gas prices skyrocketed on Thursday morning after Iran launched retaliatory missile strikes directly targeting critical Liquefied Natural Gas (LNG) facilities in Qatar.
The attacks were reportedly carried out in response to a recent Israel-led strike on Iran’s South Pars Gas field, marking a dangerous new phase in the war that now threatens the world’s most vital energy supply chains.
Qatar’s Energy Infrastructure Hit Hard
State-owned Qatar Energy confirmed that the Ras Laffan Industrial City came under missile fire late Wednesday night. While previous attacks caused extensive damage to the Pearl GTL (Gas-to-Liquids) facility, Wednesday’s barrage specifically targeted several major LNG installations, sparking massive fires.
Although the fires have since been contained, the damage has severely crippled output. Qatar—the world’s second-largest LNG exporter, responsible for nearly 20% of global shipments—had already suspended significant portions of its production following drone attacks earlier this month.
Markets Panic: Crude at $114, EU Gas Up 30%
The disruption sent immediate shockwaves across global trading floors:
Crude Oil: International benchmark Brent crude futures for May delivery surged by 6.3%, trading at a staggering $114.13 per barrel.
European Gas: The front-month gas price at the Dutch TTF hub—the benchmark for European natural gas—spiked by nearly 30%, reaching 70.8 euros per megawatt-hour.
UK Impact: Similarly, UK gas prices surged over 24% by Thursday morning, hitting 173p per therm.
The Strait of Hormuz Chokepoint
Compounding the crisis is the effective blockade of the Strait of Hormuz. This narrow waterway, which typically handles about 20% of the world’s global oil supplies, is now largely impassable due to the heightened military risk, stoking fears of a massive, prolonged global supply shock.
Tom Kloza, a senior energy advisor at Gulf Oil, warned CNBC of catastrophic economic consequences if the conflict targets infrastructure beyond the immediate Persian Gulf region.
“Can you imagine the response… if they targeted a refinery in Rotterdam or a facility somewhere in the United States? That’s when all bets are off and prices could go absolutely apocalyptic,” Kloza stated, noting that the situation has shifted from a mere “supply chain problem” to a hard “supply problem.”
US and IRGC Responses
Iran’s Islamic Revolutionary Guard Corps (IRGC) has claimed responsibility for the barrage, stating it was the 63rd wave of “Operation True Promise 4,” aimed at energy facilities they claim are associated with US interests in the region.
Meanwhile, US President Donald Trump responded to the escalation, clarifying that Washington and Doha were not warned of the initial Israeli strike on Iran’s South Pars field. However, he issued a stern warning to Tehran, stating that the US will authorize devastating force if Qatar’s energy infrastructure is targeted again.
With traditional pricing models collapsing under the weight of this unprecedented geopolitical risk, economists are bracing for extreme volatility in the coming days.
