Global crude oil prices have surged to $110 per barrel following reports of attacks on energy infrastructure in Iran and several Persian Gulf countries.
On Wednesday, 18 Mar 2026 GMT+7, global oil prices rose sharply to $110 per barrel after attacks on energy infrastructure across the Middle East alarmed investors, while US government efforts to ease energy price concerns proved ineffective.
Brent crude oil, the global benchmark, surged to $110.90 per barrel, and US crude oil (WTI) reached $99.78 per barrel after reports that Iran attacked multiple energy infrastructures in the Persian Gulf, including the Ras Laffan industrial zone in Qatar.
This price spike follows earlier increases after semi-official Iranian media reported attacks on oil facilities in Assaluyeh and the South Pars gas field, the world's largest natural gas source in Iran, causing crude oil prices to rise rapidly.
Brent crude prices continued to climb despite the White House temporarily waiving the Jones Act, allowing foreign-flagged vessels to transport commodities between US ports for the next 60 days.
Rob Thummel, senior portfolio manager at Tortoise Capital, said, “If you destroy or damage energy infrastructure, it immediately extends the recovery timeline.”
“You have to rebuild that infrastructure completely, and that rebuilding process could take months or even years. So, I think this is what the oil market is reacting to,” he added.
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Source:cnn