Iran Steps Up Attacks on Gulf Oil Facilities, Sending Crude Prices Soaring

QatarEnergy’s liquefied natural gas (LNG) production facilities in Ras Laffan Industrial City, Qatar, on March 2, 2026. ReutersIran intensified attacks on its Gulf Arab energy infrastructure on March 19, hitting a Saudi refinery, Qatari liquefied natural gas facilities, and two Kuwaiti oil refineries, in an escalation that sent oil prices sharply higher.Benchmark Brent crude rose to more than $119 a barrel at session highs early Thursday—close to the three-and-a-half-year peak touched on March 9—while U.S. West Texas Intermediate briefly climbed above $100, as markets reacted to the widening threat to Middle East supply.