Oil and gas prices jump after Iran and Israel attack gasfields

The Guardian - World NewsCenter-LeftEN 4 min read 100% complete by Julia Kollewe and Graeme WeardenMarch 19, 2026 at 03:21 PM

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Oil and gas prices have surged to multi-year highs following escalating attacks between Iran and Israel on gasfields in the Middle East. Iran damaged Qatar's Ras Laffan, the world's largest LNG facility, impacting 17% of QatarEnergy's LNG export capacity and potentially taking years to repair. This attack was in response to Israel's strike on Iran's South Pars gasfield. Consequently, Brent crude oil rose by 8% to $116 a barrel, and European gas prices jumped 24% to €68 a megawatt hour. The disruption to energy supplies triggered a global stock market sell-off, with markets in Asia, Europe, and the US all declining. The attacks have altered the global gas market outlook, with potential long-term disruptions to LNG availability.

Key Entities & Roles

Key Player Opposition Context

Shell 30% Wood Mackenzie 30% Donald Trump 40% United States 50% South Pars ×260% QatarEnergy ×260% Ras Laffan ×370% Qatar ×370% Israel ×380% Iran ×790%

Keywords

gas prices 90% oil prices 90% israel 80% iran 80% attacks on gasfields 80% energy supplies 70% lng 70% ras laffan 60% energy facilities 50% market sell-off 50%