By William Collins, consultant in stock markets – Eurasia Business News, March 19, 2026. Article no 2053

Oil and natural-gas prices remained elevated Thursday after the latest round of attacks on Middle Eastern energy facilities stoked fears of a full-blown energy crisis.

European gas futures surged as much as 35% to more than double their pre-war level and Brent crude rose as high as $119 a barrel.

Futures for European natural-gas prices rocketed after Qatar said that Iranian strikes caused extensive damage to its Ras Laffan, the site of the world’s largest liquefied natural gas plant. Brent crude, the international benchmark for oil, briefly touched $119 a barrel but later pared gains to trade back below $110.

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U.S. stocks were on track for a second day of declines, after Federal Reserve Chair Jerome Powell dimmed hopes of an interest-rate cut this year on Wednesday and led stocks to a lower finish. The Dow industrials were down less than 1% in afternoon trading.

The S&P 500 (SP500) moved lower on Thursday afternoon, falling about 0.5% as investors maintained a cautious, risk-off stance amid escalating tensions in the Middle East.

Iran hit a Saudi refinery on the Red Sea and set Qatari liquefied natural gas facilities and two Kuwaiti oil refineries ablaze, sending international gas and oil prices soaring.

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Oil and stocks both pared their moves on the day after U.S. President Trump said he wouldn’t “put troops anywhere” when asked about moving forces toward Iran. Trump added that he told Israeli Prime Minister Benjamin Netanyahu not to attack oil and gas fields in Iran, a day after Israel struck facilities linked to Iran’s South Pars gas field.

Defence companies’ stocks could raise in coming days as the Pentagon is seeking $200 billion in additional funds for the Iran war, a senior administration official said. It’s an extraordinarily high number and comes on top of extra funding the Defense Department already received last year in Trump’s big tax cuts bill.

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© Copyright 2026 – Eurasia Business News. Article no. 2053