BEIJING (March 19): Oil prices rose as much as 3% on Thursday after Iran attacked several energy facilities across the Middle East following a strike on its South Pars gas field, a major escalation in Tehran's war with the US and Israel. WTI has been trading at its widest discount to Brent in 11 years due to releases from US strategic reserves and higher freight costs, while renewed attacks on Middle Eastern energy facilities have given greater support to Brent. QatarEnergy said on Wednesday that Iranian missile attacks on Ras Laffan, site of Qatar's core LNG processing operations, caused "extensive damage" to its energy hub. The United Arab Emirates also shut some energy operations, responding to incidents at the Habshan gas facilities and the Bab oil field caused by falling debris from intercepted missiles. Iran issued evacuation warnings before its attacks for several oil facilities across Saudi Arabia, the UAE and Qatar, as it prepared to retaliate for strikes on its own energy infrastructure in South Pars and Asaluyeh.

Source: The Edge Markets March 18, 2026 23:22 UTC