LONDON, March 18, 2026 (BSS/AFP) - Oil prices surged Wednesday following a strike on one of Iran's gas facilities that raised the spectre of a further escalation of attacks on energy infrastructure in the Gulf region. Brent oil rose over six percent at one point to nearly $110 a barrel after Iran vowed to hit energy facilities throughout the Gulf in retaliation to what it said was an Israeli attack on a facility serving a massive gas field it shares with Qatar. "The risk is that an oil shipping crisis is morphing into an oil supply crisis," said Brooks. Earlier Wednesday, oil prices had fallen slightly after Iraq said it had resumed limited oil exports through the Turkish port of Ceyhan, using a pipeline that avoids the Strait of Hormuz. The dollar, which had been little changed ahead of the Fed meeting, rose along with oil on news of the latest attacks on energy infrastructure.

Source: Bangladesh Sangbad Sangstha March 18, 2026 17:35 UTC