Crude oil jumps to $119 per barrel amid Iran-US war in Middle East

2026-03-20 - 07:31

WASHINGTON – The global energy prices rose sharply after attacks on oil and gas installations in the Middle East disrupted supply and heightened market uncertainty. Brent crude oil jumped to $119 per barrel before retreating to around $106 while West Texas Intermediate (WTI) crude climbed above $93 per barrel, according to market reports. Gas prices also recorded a major increase in Europe and the United Kingdom. In the UK, prices surged by up to 35 percent, while in Europe, gas rates have nearly doubled since the onset of the Iran-related conflict. The analysts said the attacks on key energy infrastructure have impacted global supply chains, leading to volatility and upward pressure on prices in international markets. Meanwhile, Iranian Foreign Minister Abbas Araghchi said Iran had shown restraint and issued a limited response to Israeli strikes on its non-military installations despite calls for de-escalation. He warned that any further attacks on Iran’s infrastructure would trigger a stronger response and emphasized that in case of a ceasefire, compensation for damage to civilian areas must be ensured. Tehran claims strike on F-35 as US losses 16 fighter jets in Iran war