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Oil Prices Surge 5% Amid Rising Middle East Tensions

3/19/2026

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Summary

Story summary

Oil prices rose over 5% after an Israeli strike on Iran’s South Pars gas field, Brent at $108.66 per barrel.
The U.S.-Israeli action heightens tensions, with Iran threatening Gulf energy infrastructure.
Iran's Revolutionary Guard vowed to target oil facilities in Qatar, Saudi Arabia, and UAE.
President Donald Trump’s administration issued a 60-day Jones Act waiver, while Iraq resumed oil exports via pipeline after a deal with the Kurdistan Regional Government.

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Story summary

Oil prices rose over 5% after an Israeli strike on Iran’s South Pars gas field, Brent at $108.66 per barrel.
The U.S.-Israeli action heightens tensions, with Iran threatening Gulf energy infrastructure.
Iran's Revolutionary Guard vowed to target oil facilities in Qatar, Saudi Arabia, and UAE.
President Donald Trump’s administration issued a 60-day Jones Act waiver, while Iraq resumed oil exports via pipeline after a deal with the Kurdistan Regional Government.