Oil and gas prices surged after reported strikes on Iran’s energy production facilities, marking a sharp escalation in the ongoing conflict, reported by CNN. Brent crude rose over 4% to about $108 a barrel, while US benchmark WTI climbed to $97.
Natural gas prices in Europe and Asia also jumped more than 5%, according to the report. Iranian media outlets said key sites, including South Pars and Asaluyeh, were hit, with emergency teams responding to fires.
Brent oil price jumps 5% as #Iran's energy facilities hithttps://t.co/EIa4LKM5DD#AkhbarAlYawm #أخبار_اليوم #Lebanon #لبنان pic.twitter.com/8Z08sPEwtL
— Akhbar Al Yawm (@akhbaralyawm) March 18, 2026
Analysts warned markets are increasingly pricing in prolonged disruptions through the Strait of Hormuz, a critical global supply route, the report said.
Efforts by Iraq to resume limited exports via Turkey offered little relief, as supply losses remain significant. Meanwhile, US gasoline prices hit a two-and-a-half-year high, rising sharply in recent weeks, according to AAA data cited in the report.
The developments signal rising economic pressure as the conflict intensifies.
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