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Israeli Airstrike on Iran Sparks Oil Prices Surge

3/20/2026

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Story summary
  • An Israeli airstrike on Iran's South Pars gas field damaged facilities jointly operated by Iran and Qatar.
  • Brent crude prices rose to nearly $109 per barrel.
  • Production at two refineries has been halted.
  • Iran vowed retaliation against energy sites across the Gulf.
  • Qatari officials condemned the attack, warning it threatens global energy security.