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Iran Strikes Back: Oil Prices Surge Amid Tensions

3/20/2026

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Story summary
  • Iran's military actions escalate as it strikes oil and gas facilities, including the South Pars gas field, in retaliation for Israeli attacks.
  • The strikes push Brent crude above 10% to $119 per barrel.
  • The Indian Navy deployed warships to escort vessels through the Strait of Hormuz after an India-bound cargo ship was attacked.
  • Iran has allowed two Indian ships to pass after negotiations, while tensions remain and no ceasefire exists.