Brent Crude Hits $113 as Iran Strikes Middle East Energy Infrastructure

Key Details Iran's March 19 attacks on oil refineries in Kuwait and a critical natural gas facility in Qatar sent global energy prices sharply higher. Brent crude jumped nearly 6% to $113.77 per barrel, while European natural gas prices surged 17% and have doubled over the past month. The targeted Ras Laffan terminal supplies roughly 20% of the world's liquified natural gas production. Why It Matters With the Strait of Hormuz closed to most tanker traffic, the disruption threatens prolonged supply constraints across global energy markets. Extended price spikes at these levels could trigger significant inflation pressures worldwide and further strain the global economy. U.S. crude rose less than 1% to $96.26 per barrel, showing relative insulation compared to international benchmarks. Market Reaction Wall Street futures fell before opening, with the S&P 500 and Dow each down 0.1% and Nasdaq futures dropping 0.3%. The Federal Reserve held rates steady while signaling just one more quarter-point cut this year due to elevated inflation concerns. International markets took heavier losses, with Germany's DAX down 2.4%, Paris's CAC 40 off 1.7%, and Tokyo's Nikkei falling 3.4%.