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Iran's Attack on Qatar Sends Oil Prices Soaring

3/20/2026

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Story summary
  • On March 11, 2026, energy markets in Gillett, Texas rose after Iran attacked Qatar's South Pars gas facility, reducing LNG exports.
  • Brent crude rose to $112 per barrel, and U.S. crude to $99.27 amid disruption.
  • U.S. gas prices rose 1.5%.
  • U.S. President Donald Trump assured no ground troops, while allied nations prepared to secure safe passage through Strait of Hormuz.
  • China's central bank kept lending rates steady for ten months.