Back to today’s briefing

Story perspectives

Brent Crude Soars: Fears of Global Energy Crisis

3/20/2026

22 5 Full Breakdown

Summary

Story summary

Brent crude surged past $115 per barrel after attacks on Iran's South Pars gas field and Ras Laffan Industrial City.
The incidents raised fears of broader energy disruptions, especially for LNG markets.
Experts warn the conflict could reduce global energy affordability as Europe and Asia compete for LNG.
Supply cuts from Gulf states may reach 12 million barrels per day, affecting global demand.

History

Historical Context

The 1973 Oil Crisis began when OPEC imposed an embargo in response to Western support for Israel during the Yom Kippur War, causing oil prices to quadruple from $3 to nearly $12 per barrel. This crisis led to a 25% reduction in U.S. oil supply, triggering economic turmoil and inflation, and reshaped global energy dynamics, highlighting the vulnerabilities of energy dependence.

1 of 2

Story summary

Brent crude surged past $115 per barrel after attacks on Iran's South Pars gas field and Ras Laffan Industrial City.
The incidents raised fears of broader energy disruptions, especially for LNG markets.
Experts warn the conflict could reduce global energy affordability as Europe and Asia compete for LNG.
Supply cuts from Gulf states may reach 12 million barrels per day, affecting global demand.

1 / 2