Oil Prices Jump Following Attack on Iranian Gas Field

The attack on Iran’s energy assets sent Brent crude higher in a year during which oil prices have already risen by 80 percent.

Navigator Terminals, an Oil storage depot along the River Thames in London on March 10, 2026. Dan Kitwood/Getty Images

Brent crude prices spiked on March 18 following reports of strikes on Iran’s South Pars gas field.

Brent crude prices jumped to $109.80 a barrel shortly after the opening bell of the U.S. stock market, following a morning on which Brent futures fluctuated between $100 and $107 a barrel.