Oil prices surge after Israeli strike on Iran’s South Pars gasfield

Al JazeeraCenterEN 2 min read 100% complete by By AP and ReutersMarch 18, 2026 at 08:56 PM

AI Summary

medium article 2 min

Oil prices surged after an Israeli strike on Iran's South Pars gasfield, the world's largest, located off the coast of Bushehr province. Brent crude rose 5% to $108.66 a barrel, while US West Texas Intermediate crude gained 2.5% to $98.65. The attack prompted Iran to threaten retaliatory strikes on energy infrastructure in Qatar, Saudi Arabia, and the UAE, and Qatar reported a fire at its Ras Laffan gas facility after an Iranian missile attack. Disruptions to Middle Eastern oil and gas exports, including halted shipments via the Strait of Hormuz, have led to estimated output cuts of 7-10 million barrels per day. Experts fear prolonged elevated prices could trigger global inflation.

Key Entities & Roles

Key Player Opposition Context

Bushehr 30% Ras Laffan 40% Saudi Arabia 50% United Arab Emirates 50% Strait of Hormuz 50% Revolutionary Guard 60% Qatar ×360% United States 70% Israel ×280% South Pars gasfield ×385% Iran ×890%

Keywords

oil prices 90% gas prices 80% south pars gasfield 80% israeli strike 70% inflation 70% middle east 70% strait of hormuz 60% energy supplies 60% global economy 50% energy infrastructure 50%