Oil prices surge as Middle East tensions escalate into energy supply crisis

The oil and chemical tanker ship CB Pacific docks on the Moran Delivery Companies’ Citgo Petroleum Quincy/Braintree Terminal in Massachusetts, US, on March 18, 2026. (Reuters/Yonhap)

After worldwide oil costs surged to over US$110 per barrel, observers are suggesting that with the battle between Israel and Iran escalating to assaults on vitality infrastructure, the character of the scenario is shifting from easy geopolitical tensions to an vitality provide disaster.

The worth of Brent crude, which serves as a normal for worldwide oil costs, hit a 52-week excessive throughout buying and selling on Wednesday when it reached US$111 per barrel. The rise got here shortly after an Iranian missile strike triggered widespread harm on the Ras Laffan advanced, a liquefied pure fuel hub in Qatar.

The strike was in retaliation for an Israeli strike on Iranian fuel fields used collectively with Qatar. Iran warned of extra assaults to come back, suggesting that refineries and fuel fields in Saudi Arabia, the United Arab Emirates, and Qatar could be thought of “authentic strike targets.”

Main oil producers within the Gulf area have moved to evacuate a few of their refinery, petrochemical manufacturing facility, and fuel subject personnel as a precautionary measure, resulting in rising fears of disruptions to vitality manufacturing.

The US authorities has been taking motion to cope with the scenario. Vice President JD Vance steered on Wednesday that oil costs might stabilize, declaring, “We’ve obtained a tough street forward of us for the following few weeks, however it’s non permanent.”

Vance was scheduled to affix Vitality Secretary Chris Wright, members of the congressional management, and state governments at an emergency assembly organized by the American Petroleum Institute on Thursday to debate vitality provide stabilization measures.

By Kim Gained-chul, Washington correspondent

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