Global oil prices near $110 a barrel as Iran vows retaliation for attack on its oil facilities
- Input
- 2026-03-19 01:05:29
- Updated
- 2026-03-19 01:05:29
Global oil prices surged on the 18th (local time), with benchmark crude nearing $110 a barrel.
The jump came after the United States and Israel attacked Iran’s largest gas field and processing facilities, and Iran in turn threatened to strike oil facilities in KSA, UAE, and Qatar in retaliation. However, the gains narrowed as time went on.
According to Consumer News and Business Channel (CNBC), May futures for Brent crude oil, the global benchmark, closed at $107.38 a barrel, up $3.96, or 3.83%, from the previous session.
April futures for West Texas Intermediate crude oil (WTI), the U.S. benchmark, ended the session at $96.32 a barrel, almost unchanged from the previous close of $96.21.
In morning trading, Brent at one point soared 6.31% to $109.95 a barrel, while WTI jumped 3.32% to $99.41. Earlier in the session, Brent had fallen 2.98% to $100.34 a barrel and WTI had plunged 4.41% to $91.96, but prices reversed sharply as tensions between Israel and Iran escalated.
Israel attacked Iran’s largest gas facility located in Bushehr Province on the same day, according to Israeli media outlets including The Times of Israel and The Jerusalem Post.
Iran, in response, announced that it would carry out retaliatory strikes.
Iranian media reported that the Islamic Revolutionary Guard Corps (IRGC) declared it had the right to retaliate and warned of attacks on oil facilities in KSA, UAE, and Qatar. It also cautioned nearby residents to stay away from those installations.
The potential targets for retaliation include the Samref Refinery and the Jubail Petrochemical Industrial Complex in KSA, the Al Hosn gas field in the UAE, and Qatar’s Mesaieed Petrochemical Complex and Mesaieed Petrochemical Holding Company (MPHC).
Iran had previously attacked the Port of Fujairah in Qatar, a key oil and gas hub that serves as an alternative route to the Strait of Hormuz.
Citigroup Inc. warned in a research note that Brent crude could surge to $120 a barrel within days, and that average prices in the second and third quarters could reach $130 a barrel.
Citigroup projected that supply disruptions could reach 11 million to 16 million barrels per day through April. It also cautioned that if attacks on energy infrastructure intensify and a blockade of the Strait of Hormuz persists, oil prices could be stuck around $130 a barrel.
dympna@fnnews.com Song Kyung-jae Reporter