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Thu, 19 Mar 2026

Thu, 19 Mar 2026 Oil crosses $110 a barrel after gas field strike

Iran's military warned it would take "decisive action" in response to the strike on its energy infrastructure.

* Oil prices rose above $110 a barrel after an airstrike hit a facility on Iran's South Pars gas field.
* Brent crude oil benchmark reached $112 a barrel, up 5% from Tuesday's prices.
* UK gas price surged by 6% to 143.53p a therm before falling back to around the 140p mark.
* Reports of extensive damage at Ras Laffan industrial site in Qatar added to price increases.
* Iran's oil ministry said a fire at its petrochemical complex was under control, but vowed "decisive action" against those responsible.
* Iran warned it would target energy infrastructure of countries that attack its own.
* Qatar's foreign ministry condemned the strike and called for restraint.
* The White House suspended the Jones Act to allow non-American-made ships to transport goods, aiming to reduce oil prices.
* However, experts say this move will have a minimal effect on prices.
* Iran has also halted gas exports to Iraq to shore up domestic supplies.