19 March,2026 12:32 PM IST | Mumbai | mid-day online correspondent
Global energy market on alert as oil prices spike. Representational Pic
Global oil prices jumped sharply on Thursday following escalating tensions in West Asia, as Israel and Iran carried out strikes and counter strikes on major energy infrastructure.
The situation has raised concerns over global energy security and market stability.
On Thursday, Brent crude on the Intercontinental Exchange was trading at USD 111.78 per barrel, up 4.10 per cent from the previous close. Similarly, West Texas Intermediate (WTI) crude on NYMEX rose 3.37 per cent to USD 99.57 per barrel. The surge in prices reflects fears of potential disruptions to oil and gas supplies in the region, which is a critical hub for global energy.
The spike in oil prices followed an Israeli attack on Iran's South Pars gas field, the world's largest gas facility. According to reports, only a small section of the facility was hit, but the strike marked a serious escalation in regional tensions. Iran quickly retaliated, targeting Qatar's Ras Laffan Industrial City, a major liquefied natural gas (LNG) hub and one of the largest gas facilities in the world.
Meanwhile, US President Donald Trump expressed his opposition to any further attacks on Iranian energy infrastructure in the wake of Israel's strike on the South Pars gas field, according to reports.
"Israel, out of anger for what has taken place in the Middle East, has violently lashed out at a major facility known as South Pars Gas Field in Iran. A relatively small section of the whole has been hit," Trump stated on his Truth Social platform.
Qatar's foreign ministry and QatarEnergy confirmed the attack on Ras Laffan Industrial City. This marked the second attack on the facility within 12 hours, raising concerns about the safety of critical global energy assets.
QatarEnergy released an official statement confirming the missile attacks on its facility and said that emergency response teams were promptly deployed to handle the situation.
"QatarEnergy confirms that Ras Laffan Industrial City this evening has been the subject of missile attacks. Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused. All personnel have been accounted for and no casualties have been reported at this time," the company said in a post on X.
The company further noted that while the strikes caused substantial damage to the industrial complex, all personnel remained safe and no casualties were reported.
The attacks have intensified geopolitical tensions in West Asia. Iran has warned of "uncontrolled consequences" and threatened further retaliation against energy facilities across the Gulf. Meanwhile, US President Donald Trump expressed opposition to further strikes on Iranian energy infrastructure and emphasized the risks of escalating the conflict.
The surge in oil prices has significant implications for India, which imports nearly 90 per cent of its crude oil as per IANSreports.
Analysts warn that prolonged conflict could keep crude and gas prices high, affecting energy costs worldwide. The situation highlights how geopolitical instability in West Asia can quickly impact global energy markets and supply chains.
To conclude, the attacks on Iran and Qatar's key energy facilities have pushed oil prices higher and heightened fears of further disruptions. With regional tensions escalating, global energy markets remain on edge, and countries dependent on imports, like India, may face rising costs if the conflict continues.
(With ANI and IANS Inputs)
