Brent crude, the international benchmark, is up from under $73 per barrel on the eve of the war.
BANGKOK — Global oil and natural gas prices soared Thursday after Iran attacked a key natural gas facility in Qatar that can supply one-fifth of the worlds gas as well as two oil refineries in Kuwait .
The attacks added to fears the energy crisis triggered by the closure of the Strait of Hormuz to tanker traffic may be longer and more extensive than feared, with lasting damage to oil and gas production. Brent crude, the international benchmark, rose to $116.38 per barrel, up from under $73 per barrel on the eve of the war.The Iranian attack hit the Ras Laffan terminal for shipping out liquefied natural gas in Qatar. Qatar normally supplies some 20% of the world’s consumption of LNG, which can be carried by ship. The facility shut down after a drone attack. The closure of the Strait of Hormuz to most tanker traffic also left the gas with nowhere to go. RELATED IMAGE: A fire and plume of smoke rise after, according to authorities. debris from an intercepted Iranian drone struck an oil facility in Fujairah, United Arab Emirates, Saturday, March 14, 2026.If the disruptions from Iran’s attacks on its Gulf Arab neighbors’ energy infrastructure keep oil and gas prices high for long, they could create a debilitating wave of inflation for the global economy. U.S. benchmark crude oil gained 1.1% to $96.45 a barrel early Thursday, while the Henry Hub future contract, the benchmark for U.S. natural gas, gained 5.1%.Germany’s DAX lost 2.1% to 23,015.40 and the CAC 40 in Paris fell 1.5% to 7,848.88. Britain’s FTSE 100 shed 1.7% to 10,134.02. In Asian share trading, Tokyo’s Nikkei 225 fell 3.4% to 53,372.53 as the Bank of Japan opted to keep its benchmark interest rate on hold at 0.75%, citing the war with Iran as one factor. In its monetary policy statement the BOJ said that “in the wake of increased tension in the Middle East, global financial and capital markets have been volatile and crude oil prices have risen significantly; future developments warrant attention.” Higher oil prices are a heavy burden for Japan, which like South Korea and Taiwan depends on imports of most raw materials for industries that rely heavily on oil and its derivatives.In Hong Kong, the Hang Seng slipped 2% to 25,500.58, while the Shanghai Composite index shed 1.4% to 4,006.55. Australia’s S&P/ASX 200 lost 1.7% to 8,497.80 and Taiwan’s Taiex fell 1.9%. In India, which has also suffered from shocks to supplies of oil and gas, the Sensex lost 2.7%. “The combination of higher oil, rising U.S. yields, and a stronger dollar is acting as a macro wrecking ball across Asian assets and currencies,” Stephen Innes of SPI Asset Management said in a commentary. On Wednesday, the S&P 500 fell 1.4%, flipping to a loss for the week so far. The Dow Jones Industrial Average dropped 1.6% and the Nasdaq composite slid 1.5%. The losses deepened after the Fed decided to keep its main interest rate steady, instead of resuming cuts meant to give the jobs market and economy a boost. “We just don’t know,” Fed chair Jerome Powell said about what will happen with oil prices, along with how long President Donald Trump’s tariffs will take to work their way fully through the system. A report released Wednesday morning showed inflation pressures were already building before the war began. It said inflation at the U.S. wholesale level unexpectedly accelerated last month to 3.4%. In other dealings early Thursday, The U.S. dollar fell to 159.10 Japanese yen from 159.88 yen. The euro rose to $1.1463 from $1.1453.Mobile County jury awards $50 million in wrongful-death malpractice caseTurning warmer and beautifulSearch for suspect continues after personal trainer killed in assault at her gym, police sayWhich countries are allowed to cross the Strait Of Hormuz amid the Iran war?
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