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Oil & Gas Surge As Iran, Israel Escalate Energy Attacks | Horizons Middle East & Africa 3/19/2026

What happened

Israel struck bank-of-england-warns-iran-war-may-force-rate-hikes.html" class="story-link" title="Bank of England 'ready to act' as it warns Iran war 'shock' will push up inflati">Iran's South Pars gasfield while Iran attacked Qatar's Ras Laffan facility, home to the world's largest LNG export plant. Qatar reports extensive damage to the critical energy infrastructure. Oil and gas prices have surged while global markets dropped in response to the escalating attacks on key energy facilities.

Why people care

These facilities are among the world's most critical energy infrastructure - South Pars holds massive gas reserves while Ras Laffan processes much of the globe's liquefied natural gas exports. Attacks on both sites threaten global energy supplies and have immediate economic consequences worldwide.

The takes

Market observers say

The targeting of critical energy infrastructure represents a dangerous escalation that threatens global supply chains. The attacks on facilities this vital to world energy markets create immediate economic shockwaves and raise serious concerns about further deterioration of regional stability.

Officials say

President Trump has called for de-escalation and indicated no further Israeli attacks on Iranian facilities are planned. Qatar is assessing the full extent of damage to its export capabilities while regional partners work to manage the immediate supply disruptions.

Sources