Iran has launched strikes aga">
Updated 2026-03-20 04:04 UTC
Corporate Chaos 102 Internet Wars 58 Power Moves 286 Money Panic 78 Science Fights 129 Culture Clash 181
95.0% chaos · meltdown power moves 6 sources ▲ rising

Oil and natural gas prices soar as Iran attacks Gulf energy facilities. Brent crude nears $114

What happened

Iran has launched strikes against Israeli energy facilities, including an oil refinery in Haifa, causing power outages in the area. The attacks have extended to regional energy infrastructure in the Gulf, sending oil and natural gas prices soaring with Brent crude approaching $114 per barrel. Iran has threatened to target ships in the Strait of Hormuz, a critical global oil transit route.

Why people care
The conflict threatens global energy supplies and economic stability, with potential impacts on fuel costs, household energy bills, and food prices worldwide. The Strait of Hormuz handles a significant portion of global oil transit, making any disruption there a major concern for international markets.
The takes
Iran says

The strikes on energy facilities are a legitimate response to Israeli actions. Iran has warned it will intensify attacks if its own energy sites are targeted and threatened to "set fire" to ships attempting to navigate the Strait of Hormuz.

US intelligence says

Iran's regime remains "intact" but has been "degraded" by recent conflicts. Officials are assessing whether Iran posed an imminent threat and investigating potential connections between the conflict and security concerns within the United States.

Sources
Related stories