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Surge in Oil and Gas Prices Linked to Iranian Strikes on Middle East Facilities

KVIA•Thursday, March 19, 2026 at 9:25 AM•CNN Newsource

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Oil and natural gas prices have surged significantly due to recent Iranian missile strikes on key energy infrastructure in the Middle East, including the world's largest liquefied natural gas (LNG) facility in Qatar. Brent crude oil prices rose over 6% to exceed $114 per barrel, marking the highest levels since July 2022. The attacks on Qatar's Ras Laffan LNG hub, which sustained extensive damage, are expected to disrupt global natural gas supply for over two months, leading to sustained high prices. With Iran threatening further strikes on regional energy targets, experts warn that oil prices could increase by an additional $10 per barrel. This escalation could severely impact global energy markets and consumer prices.

Key Details: • Brent crude oil prices rose to over $114 per barrel. • Natural gas prices in Europe surged by 16.7% in one day. • Ras Laffan LNG facility in Qatar suffered extensive damage from missile strikes. • Potential for further attacks on energy infrastructure could push oil prices higher. • Global LNG supply has decreased by nearly 20% since early March.

oil iran middle-east energy-prices natural-gas

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Donald TrumpQatarRystad EnergyStrait of HormuzJefferiesQatarEnergyRiyadhWood Mackenzie

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