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The Latest Breaking News from Oil

Gas prices surge more than 20% after Iran targets Qatar production

Wholesale gas prices surged this morning after strikes on Qatar’s main production facility.

Evening Standard

Brent crude oil briefly crosses $119 after Iran hit largest Qatari energy site

Brent crude oil traded briefly above $119 a barrel after Iran struck Qatar’s largest energy site, the Ras Laffan gas field. The attack was in response to Israeli strikes against the Iranian South Pars gas field.

Euronews

Markets on edge as ECB prepares to set interest rates amid energy price surge

European markets have opened lower as investors await the European Central Bank’s rate decision, with a sharp rise in gas and oil prices fuelling fresh inflation concerns.

Euronews

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Oil prices spike as attacks on Middle East energy sites stoke fears

The price of Brent crude oil was rising by about 7% to cross 114 US dollars a barrel on Thursday morning.

Evening Standard

FTSE 100 Live 19 March: Markets slump as gas and oil prices surge, wage growth at five-year low

Stock markets are deep in the red after gas and oil prices spiked in response to attacks on energy facilities in the Middle East.

Evening Standard

Bank of England tipped to raise UK interest rates twice this year to fight inflation shock from Middle East crisis, as oil and gas prices rise – as it happened

UK central bank has left rates on hold, and warned that CPI inflation will be higher in the near term as a result of the ‘new shock to the economy’ from Iran war

The Guardian - UK

Trump warns US will 'massively blow up' world's largest gas field if Iran attacks Qatar again

‘The pendulum of war has swung to a full-scale economic war,’ warns Iranian governor - as oil price rises again

Evening Standard

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South Pars, Ras Laffan & more: Which energy sites have been hit so far in Iran war?

Qatar condemned what it called a “brutal Iranian attack targeting Ras Laffan,” saying it posed a direct threat to national security. The foreign ministry also warned that “Targeting energy infrastructure constitutes a threat to global energy security, to the peoples of the region, and to its environment.” As missile and…

The Times of India

The Strait of Hormuz has been disrupted before. A look at past moments that threatened oil flows

The U.S. and Israel’s war with Iran has thrust the Strait of Hormuz into the crosshairs of yet another geopolitical conflict

The Independent UK

We need to be honest about Iran – and how our rampant greed for oil is causing mayhem

Oil has empowered capitalism, and some of the world’s most exploitative regimes. Move away from it and we can solve some of the key issues we face, says Guardian columnist George Monbiot

The Guardian - UK

Ukraine-Russia war latest: Kremlin delivers update on peace talks as war rages in Middle East

Orban has shown no signs of backing down in row over Russia oil flows

The Independent UK

Thousands in Moldova cut off from water after Russian strike pollutes river

Moldova’s environment ministry declared an environmental state of alert for 15 days

The Independent UK

Iran-US war latest: Israel launches fresh attack as Trump tells Netanyahu not to repeat strikes on Iranian energy

Benjamin Netanyahu said Tehran is ‘weaker than ever’ as he praised Donald Trump for his co-operation in the US-Israeli war

The Independent UK

Viktor Orbán refuses to agree to €90bn loan for Ukraine as EU leaders accuse him of betrayal

German chancellor Friedrich Merz described Orbán’s U-turn on the loan Hungary had agreed to in December as ‘a gross act of disloyalty’

The Guardian - UK

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The Times of India

Israel bombs South Pars: Why does this gas field matter so much to Iran — and the world?

Israel struck Iran's major South Pars gas field, a major energy source, following a US-Israel operation that killed Iran's leader. The attack, which the US denies prior knowledge of, escalates regional tensions and raises global concerns about energy supply disruptions. Iran has warned of retaliation against other Gulf energy sites.

The Independent UK

The Latest: Trump threatens to strike world's largest gas field if Iran attacks Qatar again

U.S. President Donald Trump pledged the U.S. would “massively blow up the entirety” of the world’s largest gas field if Iran attacks Qatar again

The Times of India

US mulls troop deployment to 'secure' Strait of Hormuz; how much funding will Pentagon need to fun the war?

The United States is weighing a significant expansion of military operations in the Gulf as the war with Iran intensifies, with plans under discussion to secure the strategically vital Strait of Hormuz.

The Times of India

Pakistan cancels Republic Day parade as Middle East war triggers oil crisis, strains fuel supplies

Pakistan has cancelled its Republic Day parade on March 23 due to the Middle East crisis, which has triggered an oil crisis. The government cited austerity measures and the need to align with the nation's commitment to Pakistan Day ideals. This decision follows escalating tensions in the Gulf region and…

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Radio France Internationale

EU summit fails to rally Orban behind stalled Ukraine loan

EU leaders failed to persuade Hungary's Viktor Orban to lift his block on a massive loan to support Ukraine's war effort at summit talks on Thursday, leaving the much-needed funding in limbo.

The Independent UK

Asian shares skid as oil tops $111 a barrel and Wall Street slumps

Shares have retreated in Asia after a slump on Wall Street as oil prices shot over $110 a barrel

AAP

RBA frets over severe global shock from Middle East war

Spillover from the Iran war and an uptick in risky lending to first-home buyers could threaten Australia's financial stability, the Reserve Bank warns.

The Times of India

UAE slams Iran’s ‘terrorist attack’ as missiles target Abu Dhabi's Habshan gas facility, Bab oil field: Calls it ‘dangerous escalation’ amid war with US-Israel

Iran targeted the UAE's Habshan gas facility and Bab oil field. UAE air defence intercepted the threats. No casualties were reported. The UAE strongly condemned the attack, calling it a dangerous escalation. This incident highlights the growing vulnerability of critical energy infrastructure. Energy itself has become a battlefield in the…

The Guardian - AU

Russian oil tanker heading to Cuba amid US economic blockade

Vessel with 730,000 barrels of crude set to reach Cuba on 23 March, according to maritime data, after Donald Trump said he expects to have ‘honour of taking’ country

The Conversation

Soaring gas prices prompt Trump to ease oil tanker rules – how waiving the Jones Act affects what you pay at the pump

The Trump administration temporarily suspended the Jones Act on March 18, 2026, as part of its efforts to bring down soaring U.S. gasoline prices.

AAP

Aussie shares plunge, oil prices spike as war escalates

The Australian stock market has fallen to its lowest level since November, with heavy losses for goldminers as the yellow metal fell to $US4,850.

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