Oil Prices Surge Amid Escalating Tensions in Middle East
Oil Prices Jump Amid Escalating Tensions
Oil prices surged on Thursday, March 19, 2026, after Qatar reported that Iranian missile strikes damaged a key liquefied natural gas export facility. The attack has escalated tensions in the Middle East, leading to concerns about global energy supplies.
Market Reaction
The price of oil jumped as markets reacted to the escalating tensions. Brent crude oil futures rose 2.5% to $119.50 per barrel, while US crude oil futures gained 2.3% to $115.50 per barrel. [1]
Impact on Europe
The attack has also had an impact on Europe, with gas prices surging in the region. The price of natural gas in Europe rose 4.5% to $120 per megawatt-hour. [1]
Retailers Unfazed
Despite the surge in oil prices, retailers are not too worried about the impact on their customers. Darden and Dollar General, two major retailers, said that their customers are fine, for now. [2]
Goldman Sachs Warns of Higher Oil Prices
Goldman Sachs warned that oil prices could stay above $100 longer due to supply shocks. The bank's analysts said that the attack on the liquefied natural gas export facility in Qatar has reduced global energy supplies, leading to higher prices. [8]
Sources
[1] Oil briefly hits $119 and Europe gas prices surge after attacks on energy facilities in Qatar, Iran
[2] ‘We’re not too worried about gas prices’: Retailers like Darden and Dollar General say their customers are fine, for now
[3] Column: Jensen Huang doesn’t need a new chip. He needs a new moat.
[4] Exclusive-Americans believe Trump will send troops into Iran, and don’t like the idea, Reuters/Ipsos poll finds
[5] Trump signals DOJ should continue Powell probe, complicating Warsh Fed nom
[6] Iran-induced fertilizer shortage threatens Republicans in farm states ahead of midterms
[7] Mohawk Industries stock hits 52-week low at $96.15
[8] Goldman Sachs warns oil could stay above $100 longer on supply shocks
[9] Chaince Digital Holdings completes $5 million private share sale to non-US investors
[10] Iran crisis should be a catalyst for EU integration, ECB’s Stournaras says