Brent Climbs Amid Attacks on Energy Assets

2026-03-18 23:22 By Jam Kaimo Samonte 1 min. read

Brent crude futures jumped above $110 per barrel on Thursday, extending the rally as fresh attacks on key energy infrastructure in the Middle East heightened concerns over disruptions to global oil and gas flows.

Iran launched missile strikes on a Qatari facility housing the world’s largest LNG export plant, marking one of several energy assets Tehran vowed to target following an Israeli strike on Iran’s South Pars gas field.

US President Donald Trump said he had prior knowledge of the Israeli attack on the South Pars field but urged against further strikes on Iranian energy sites.

Meanwhile, Trump temporarily waived the Jones Act to help reduce the cost of transporting oil, gas, and other commodities across the US, allowing foreign-flagged vessels to operate between US ports.

Oil prices have surged roughly 50% since the war began, as the Iran conflict effectively shut the Strait of Hormuz and prompted major Middle Eastern producers to significantly curb output.



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Brent Climbs Amid Attacks on Energy Assets
Brent crude futures jumped above $110 per barrel on Thursday, extending the rally as fresh attacks on key energy infrastructure in the Middle East heightened concerns over disruptions to global oil and gas flows. Iran launched missile strikes on a Qatari facility housing the world’s largest LNG export plant, marking one of several energy assets Tehran vowed to target following an Israeli strike on Iran’s South Pars gas field. US President Donald Trump said he had prior knowledge of the Israeli attack on the South Pars field but urged against further strikes on Iranian energy sites. Meanwhile, Trump temporarily waived the Jones Act to help reduce the cost of transporting oil, gas, and other commodities across the US, allowing foreign-flagged vessels to operate between US ports. Oil prices have surged roughly 50% since the war began, as the Iran conflict effectively shut the Strait of Hormuz and prompted major Middle Eastern producers to significantly curb output.
2026-03-18
Brent Crude Holds Firmly Above $108
Brent crude oil futures bounced back above $108 per barrel on Wednesday as the threat of an escalating regional conflict and structural supply disruptions in the Middle East countered aggressive federal efforts to stabilize domestic fuel markets. This intraday rebound follows reports of US-Israeli airstrikes on Iran’s South Pars gas field which have renewed fears of a prolonged energy shock despite President Trump issuing a 60-day waiver of the Jones Act. While a 6.2 million-barrel inventory surge and the Federal Reserve’s hawkish hold at the 3.5 to 3.75 range initially pressured prices, the effective closure of the Strait of Hormuz continues to push energy prices higher. Although strategic reserve releases and a 63,000-barrel per day increase in domestic refinery runs provide a technical buffer, retaliatory threats from Tehran following the killing of intelligence minister Esmaeil Khatib maintain a high risk premium in the December contract.
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Brent Crude Oil is up by 5.01%
Brent Crude Oil increased 5.01% to 108.604 USD/Bbl
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