\nOil, Prices, Settle, After, Hitting<\/span>
\nOil Prices Settle at $108 After Hitting $119 Peak Amid Retaliatory Gulf Strikes.<\/span>\n<\/div>\n
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By Juba Global News Network<\/strong> Global energy markets endured another day of extreme volatility on March 19-20, 2026, as the escalating U.S.-Israeli war with Iran spilled directly into the heart of Persian Gulf oil and gas infrastructure. Brent crude, the international benchmark, rocketed to an intraday high of $119 per barrel<\/strong>\u2014its highest level since the 2022 peaks following Russia\u2019s invasion of Ukraine\u2014before paring gains to settle around $108 per barrel<\/strong> late Thursday into early Friday.<\/p>\n The dramatic surge was triggered by Iran\u2019s retaliatory missile and drone barrages targeting key energy facilities across the Gulf, most notably Qatar\u2019s Ras Laffan Industrial City\u2014the world\u2019s largest liquefied natural gas (LNG) export hub. Iranian strikes ignited massive fires, forced full production shutdowns, and inflicted what QatarEnergy described as \u201cextensive damage\u201d that could take years to fully repair. Ras Laffan processes and exports roughly 20% of global LNG supply through Qatar\u2019s North Field operations, making the hit a direct blow to worldwide natural gas availability.<\/p>\n From Retaliation to Market Chaos<\/strong><\/p>\n The chain of events accelerated after Israel\u2019s March 18 airstrike on Iran\u2019s South Pars gas field\u2014the shared supergiant reservoir that supplies much of Iran\u2019s gas production and links to onshore processing at Asaluyeh. Tehran labeled the attack an assault on its economic survival and vowed unrestrained response. Overnight March 18-19, Iranian forces launched coordinated strikes on:<\/p>\n These attacks compounded existing disruptions: the Strait of Hormuz\u2014chokepoint for ~20% of seaborne global oil and a third of LNG\u2014remains largely impassable for commercial tankers due to heightened security risks, mine threats, and IRGC naval activity. Iraq, Kuwait, and other producers have curtailed output in southern fields because export routes are blocked or too dangerous.<\/p>\n Brent futures opened sharply higher, climbing more than 11% at one point to breach $119 before profit-taking, partial de-escalation signals (including Israel\u2019s announced pause on further South Pars strikes), and reports of potential U.S. diplomatic pressure brought prices back. West Texas Intermediate (WTI), the U.S. benchmark, touched near $100 intraday but settled with a small loss around $96.<\/p>\n European natural gas prices surged even more dramatically\u2014up as much as 30-35% in some sessions\u2014as traders priced in the loss of Qatari LNG cargoes that typically flow to Asia and Europe.<\/p>\n Why Markets Are Reeling<\/strong><\/p>\n Analysts point to several compounding factors driving the wild swings:<\/p>\n Major brokerages have rapidly revised 2026 forecasts upward. Bank of America now sees average Brent at $77.50 (up from $61 pre-war), while others project $85+ if disruptions persist into Q2-Q3.<\/p>\n Economic Ripples Worldwide<\/strong><\/p>\n The energy shock is already transmitting to consumers and economies:<\/p>\n President Trump has urged allies to form a naval coalition to reopen the Strait of Hormuz, while reiterating no U.S. ground troops in Iran. Netanyahu emphasized Israel\u2019s unilateral action on energy targets but signaled alignment with U.S. calls for restraint to stabilize markets.<\/p>\n As the conflict enters its third week, Friday trading will watch closely for Iranian statements, any new strikes, and signs of diplomatic backchannels. One thing is clear: with Gulf energy infrastructure now a frontline battlefield, the path to price stabilization looks increasingly narrow\u2014and expensive.<\/p>\n For continuing updates on the Middle East energy crisis and global market impacts, visit JubaGlobal.com<\/strong>.<\/p>\n Juba Global News Network<\/strong> \u2014 Delivering the facts amid the firestorm.<\/p>\n","protected":false},"excerpt":{"rendered":" By Juba Global News Network JubaGlobal.com March 20, 2026 Global energy markets endured another day of extreme volatility on March 19-20, 2026, as the esca<\/p>\n","protected":false},"author":1199,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-7251","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts\/7251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/users\/1199"}],"replies":[{"embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/comments?post=7251"}],"version-history":[{"count":2,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts\/7251\/revisions"}],"predecessor-version":[{"id":22057,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/posts\/7251\/revisions\/22057"}],"wp:attachment":[{"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/media?parent=7251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/categories?post=7251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/directtopic.com\/jubaglobal.com\/wp-json\/wp\/v2\/tags?post=7251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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March 20, 2026<\/strong><\/p>\n![\"\"](\"https:\/\/directtopic.com\/jubaglobal.com\/wp-content\/uploads\/sites\/1977\/2026\/03\/IMG_4053.jpeg\")
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