Supply Concern
Brent crude surges to $109/bbl after US-Israel strikes hit Iranian gas field
This story was originally published at 20:06 IST on 18 March 2026
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--Brent crude oil May futures contract was at $108.7, up over 5%
NEW DELHI – Futures contracts of Brent crude oil Wednesday surged 5.5% to over $109 per barrel on the Intercontinental Exchange after US-Israeli strikes hit Iranian facilities at a major Gulf gas field, prompting Tehran to call for retaliatory strikes on energy infrastructure. The most active May contract of West Texas Intermediate, too, rose to $98.22 per barrel, up nearly 3% on the New York Mercantile Exchange. The escalation in attacks by the US and Israel on Iran have raised concern over supply of crude oil.
The strikes hit the South Pars mega-field, the largest known gas reserve in the world, supplying around 70% of Iran's domestic natural gas, Agence France-Presse said in a report.
Iran media said an "enemy projectile" struck the site of Iran's Bushehr nuclear power plant, the Kyiv Independent reported. In addition, Iran expanded its list of potential targets and plans to attack "enemy infrastructure that was previously thought to be safe", in retaliation to attacks on its energy infrastructure, Iran's Fars News Agency reported.
At 1948 IST, the most-active May contract of crude oil on the NYMEX was up nearly 2.2% at $97.6 per barrel. The most-active May contract of crude oil on the Intercontinental Exchange was up 5% at $108.62 per barrel. End
US$1 = INR 92.63
Reported by Pallavi Singhal
Edited by Akul Nishant Akhoury
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