Benchmark Brent oil prices soared above $119 a barrel on Thursday following Iran’s retaliatory attacks on energy facilities across the Middle East, marking a major escalation in the war.
After Israel hit Iran’s South Pars gas field, the largest of its kind in the world, Tehran targeted energy sites in Qatar, Saudi Arabia, Kuwait and the United Arab Emirates — triggering a spike in energy prices.
Brent had climbed more than $10 to a high of $119.13 a barrel on Thursday morning, close to the three-and-a-half-year peak touched on March 9.
A map of the South Pars gas field. Anadolu via Getty Images
A worker at an oil stock market in Erbil, Iraq. Getty Images
Fuel pumps and hoses seen at the oil stock market on March 17, 2026. Getty Images
Meanwhile, the US West Texas Intermediate crude was up 27 cents, or 0.3%, at $96.59 a barrel, after earlier gaining almost $4 to trade at $100.02.
The WTI has been trading at its widest discount to Brent in 11 years.
The surge in the price of oil comes as the US central bank held interest rates steady on Wednesday, projecting higher inflation for Americans.
An explosion seen after a drone blew up a fuel tank near the Dubai Airport. Jam Press/@CrimeLdnThe volatile situation began on Wednesday after Israel attacked the South Pars field, which is operated by Iran and Qatar.
President Trump denied any US involvement with the attacks despite initial reports that the strikes were coordinated with America.
An explosion seen at QatarEnergy’s Ras Laffan Industrial City. @sentdefender/XIran vowed a strong response to the attack, sending out evacuation orders across the gulf’s energy sites before firing ballistic missiles and drones.
QatarEnergy confirmed Iranian missile attacks on Ras Laffan, the site of Doha’s core LNG plants and the world’s largest, causing “extensive damage.”
Saudi Arabia said it intercepted and destroyed four ballistic missiles launched on Wednesday toward Riyadh and an attempted drone attack on a gas facility, with debris from the blast wounding four people.
Gas prices have rose since the start of the Iran war. Christopher Sadowski for NY Post
An explosion at the South Pars natural gas field.
By Thursday, Saudi Aramco’s SAMREF refinery in the Red Sea Port of Yanbu halted production following an Iranian attack.
Kuwait energy officials said their Mina al-Ahmadi and Mina Abdulla refineries were also hit by Iranian drones, igniting a limited fire.
Meanwhile, in the United Arab Emirates, officials shut down operations at the Habshan gas facility and Bab field after they were targeted by Iran.
Following the attacks, Trump threatened to wipe out an Iranian gas field Wednesday if the Islamic regime continues to retaliate against Qatar, one of the president’s key allies in the region.
An oil tanker that carries heating oil, gasoline and diesel to Quebec, Canada. REUTERSTrump insisted that Israel will no longer attack Iran’s South Pars field so long as Iran ends its retaliation campaign on the Middle East’s energy sector.
He reiterated Thursday that he told Israeli Prime Minister Benjamin Netanyahu to stop attacking Iran’s gas and oil fields.
“I told him, ‘Don’t do that.’ And he won’t do that,” the president said in the Oval Office.
With Post Wires
