Global Energy Markets Shaken as Iranian Strikes on Qatar and Kuwait Send Oil and Gas Prices Soaring

Oil and natural gas prices soar following Iranian strikes on Qatar's Ras Laffan terminal and Kuwaiti refineries, as the Strait of Hormuz remains closed.

By: AXL Media

Published: Mar 19, 2026, 6:32 AM EDT

Source: Information for this report was sourced from The Times of Israel

Escalation in the Persian Gulf Triggers Global Energy Shock

The international energy landscape has entered a period of extreme volatility following targeted Iranian attacks on the Ras Laffan natural gas terminal in Qatar and dual oil refineries in Kuwait. The strike on Ras Laffan is particularly significant, as the facility typically handles approximately one-fifth of the global supply of liquefied natural gas (LNG). This military escalation has forced an immediate shutdown of the terminal, effectively removing a massive portion of the world's portable gas supply from the market at a time when global reserves are already under immense strain.

Strait of Hormuz Closure Amplifies Supply Chain Paralysis

Compounding the direct physical damage to infrastructure is the ongoing closure of the Strait of Hormuz to tanker traffic. This strategic maritime chokepoint is essential for the transit of energy exports from the Gulf Arab states, and its current inaccessibility leaves even unaffected production with no viable export route. Analysts warn that the combination of physical destruction and the maritime blockade suggests a more extensive and long-lasting disruption to global energy production than previously anticipated, raising the specter of a prolonged global energy crisis.

Brent Crude and Natural Gas Benchmarks Reach Historic Levels

Market reaction to the strikes was instantaneous, with Brent crude, the primary international benchmark, jumping to $116.38 per barrel. This represents a staggering increase from prices under $73 per barrel recorded just prior to the outbreak of hostilities. Simultaneously, the European TTF benchmark for natural gas saw a 24% spike in trading value. In the United States, benchmark crude gained 1.1% to reach $96.45, while the Henry Hub natural gas futures rose by 5.1%, reflecting the immediate global recalibration of energy costs.