MW Global oil prices surge again after Trump threatens to 'blow up' the world's largest gas field

By Isabel Wang and Jamie Chisholm

Warnings that global oil could reach $150 a barrel are resurfacing

Global benchmark oil prices were jumping back toward their highest levels in nearly four years early Thursday after President Donald Trump threatened to "blow up" the world's largest gas field following Israeli strikes on the Iranian site, triggering retaliatory attacks by Tehran on energy facilities across the Middle East.

The front-month Brent futures contract (BRN00) (BRNK26) was rising 6% to $113.74 a barrel, after pulling back from a session high of $119.13. That was slightly below the $119.50 level reached on March 9, its highest since July 2022, according to FactSet data.

However, the price of U.S. West Texas Intermediate crude (CL.1) (CLJ26) was up only 1.3% to $96.77, widening the spread with Brent to its biggest in around 11 years, according to Reuters, as supplies through U.S. pipelines increase.

The renewed oil price surge reflects traders' fears that Israel's attack on Iran's South Pars gas field earlier this week - and Tehran's targeting of Persian Gulf energy facilities in response - signaled an escalation in the war that will further curtail oil and gas supplies.

"Warnings that oil [Brent] could reach $150 a barrel have resurfaced," said Susannah Streeter, chief investment strategist at Wealth Club.

"Fears of a sustained energy shock have resurfaced after the escalation in the Iran war sent oil and gas prices soaring. The prospect of a longer, more drawn-out conflict is in sharp focus, as both sides ratchet up attacks on energy infrastructure," Streeter added.

Qatar said on Wednesday that Iranian missile attacks on its core LNG processing operations at Ras Laffan caused "extensive damage" to ?the energy hub. Saudi Arabia said it destroyed four ballistic missiles launched on Wednesday toward Riyadh and an attempted drone attack on a gas ?facility, according to Reuters. The United Arab Emirates announced midweek that operations had been halted at its Habshan gas facilities.

U.S. President Donald Trump, in a social-media post late Wednesday, said that if Iran persists in targeting Gulf production, the U.S. would retaliate against the entirety of the South Pars Gas Field.

The halt of much of the Middle East's gas production is causing a surge in benchmark natural-gas prices in Europe, on concerns that global demand will be chasing less supply. The Dutch TTF natural-gas contract for April (TFMIJ26) was jumping 21% on Thursday morning to EUR66.0 per megawatt hour, the highest since Russia's full-blown invasion of Ukraine in early 2022.

-Isabel Wang -Jamie Chisholm

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March 19, 2026 08:33 ET (12:33 GMT)

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