Brent crude oil rises above $108 per barrel. Iran claims some of its energy facilities have been attacked and vows to retaliate.

date
18/03/2026
International oil prices have risen, with Iran claiming that some of the country's energy facilities have been attacked and threatening retaliatory strikes against neighboring countries' oil and gas installations. Brent crude oil has risen above $108 per barrel, up more than 3% from the previous Tuesday. Iranian state television said that part of the giant South Pars gas field was hit in the airstrikes, and the Asalouyeh oil industry facilities were also targeted. Fars News Agency reported that Iran vowed to retaliate, targeting enemy facilities that were previously considered safe. The attacks on Iran's energy assets mark a further escalation of the conflict, disrupting global oil supplies on a large scale. Brent crude oil has surged nearly 80% this year, while shipping in the Strait of Hormuz has almost come to a standstill - the strait carries about one-fifth of global oil and liquefied natural gas shipments. The conflict has led to a surge in energy prices, causing fuel shortages in the Asian region and exacerbating concerns about accelerating global inflation. After the attacks, European natural gas futures prices also surged significantly.