Oil prices climbed sharply on Thursday, March 19, reaching $113.57 per barrel, up nearly 6% from the previous day. At one point, futures almost touched $115, extending a remarkable rally over the past month.
Brent crude has surged about 58% in the last month and is up roughly 57.7% compared to the same time last year, showing just how sensitive oil markets are to disruptions.
The latest jump came after Iran fired missiles at a major energy facility in Qatar, home to the world’s largest liquefied natural gas (LNG) export plant. This followed an earlier strike on Iran’s South Pars gas field by Israel, fueling fresh concerns about the flow of oil and gas from the region.
These attacks have highlighted the importance of the Strait of Hormuz, a narrow but vital route through which roughly one-fifth of the world’s oil normally passes. Any blockage or disruption can quickly ripple through global markets.
Meanwhile, Donald Trump confirmed he knew about Israel’s strike on South Pars but called for restraint to avoid further damage to energy infrastructure. He also temporarily waived the Jones Act, allowing foreign ships to transport oil and gas between U.S. ports, helping ease domestic supply pressures.
The combination of conflict and shipping constraints has pushed oil prices up roughly 50% since the war began, with traders worried about possible shortages or continued volatility. Global stock markets also fell as investors digested the rising risks to energy supply and the wider economy.
Oil markets are on edge. Prices are climbing, supply routes remain tense, and the world is watching closely to see whether the Middle East tensions will ease, or keep escalating.
