Back to today’s briefing

Story perspectives

Oil Prices Surge Amid Iran-Israel Tensions: $120 Ahead?

3/19/2026

29 6 Full Breakdown

Summary

Story summary

Oil prices rose as Brent crude climbed to $118 per barrel from $107, a 48% rise since February.
Iran retaliated by targeting Ras Laffan Industrial City after Israel's strikes on the South Pars gas field.
The U.S. Federal Reserve noted inflation expectations tied to these disruptions.
Analysts expect prices could top $120 per barrel if attacks continue.
The Strait of Hormuz faces blockages that could disrupt global oil supply.

History

Historical Context

The 1973 Oil Crisis began when the Organization of Arab Petroleum Exporting Countries (OAPEC) imposed an embargo in response to U.S. support for Israel during the Yom Kippur War. Oil prices surged from $3 to $12 per barrel, causing economic turmoil in the U.S. and Europe. Today’s rising Brent crude prices, reaching $118 per barrel, reflect ongoing geopolitical tensions, particularly with Iran.

1 of 2

Story summary

Oil prices rose as Brent crude climbed to $118 per barrel from $107, a 48% rise since February.
Iran retaliated by targeting Ras Laffan Industrial City after Israel's strikes on the South Pars gas field.
The U.S. Federal Reserve noted inflation expectations tied to these disruptions.
Analysts expect prices could top $120 per barrel if attacks continue.
The Strait of Hormuz faces blockages that could disrupt global oil supply.

1 / 2