Oil prices jump as Iran, Israel intensify attacks on energy facilities

Gas prices surged and oil prices spiked once again after Iran and Israel intensified attacks on each other’s energy facilities.

The attacks have triggered the fears of prolonged disruption to meet the global energy demand.

For context, Brent crude, the world’s key price indicator, registered a surge by 8% to $116 a barrel.

Crude prices have increased by roughly 60% since the U.S. and Israel launched a military campaign against the Persian state on February 28, 2026.

On the other hand, European gas prices have also jumped, with the Dutch wholesale gas price increased to 24% at €68 a megawatt hour, the highest since December 2022.

The energy traders are addressing the heightened retaliatory attacks by both sides, as Iran has pressed full throttle in its response, targeting energy facilities in the Middle East, causing major damage to Ras Laffan.

For context, Ras Laffan is the world’s largest liquefied natural gas (LNG) facility in Qatar.

Following the attacks, emergency crews were sent to control the fires at LNG export facility, according to a statement on social media by QatarEnergy.

Amid the clouds of further attacks by the U.S. on Iranian energy facilities, President Donald Trump has threatened to “massively blow up” South Pars entirely if Iran attacks Qatar again.

According to experts, Israel’s decision to strike South Pars gas field was a major sign of further adding fuel to the fire as the conflict entered into its third week.