foreign-policy
Energy Infrastructure Attacks Send Oil Above $119, Gas Up 25% as Fed Holds Rates Steady
Israel struck Iran's South Pars gas field Wednesday, prompting Iranian retaliation against Gulf energy facilities including Qatar's Ras Laffan hub. Oil prices jumped above $119 per barrel and gas prices surged 25%, while the Federal Reserve held interest rates steady citing inflation concerns from the ongoing conflict.
Mar 18Israel kills Iranian intelligence minister Esmail Khatib
Mar 18Israeli forces strike Iran's South Pars gas field
Mar 18Iran threatens retaliation against Gulf energy facilities
Mar 18Federal Reserve holds rates steady at 3.5-3.75%
Mar 18Trump suspends Jones Act for 60 days to ease shipping
Mar 19Iran attacks Qatar's Ras Laffan gas hub and other Gulf facilities
Mar 19Oil reaches $119+ per barrel, gas prices surge 25%
Why It Matters
Attacks on critical energy infrastructure are disrupting global supply chains and driving sharp price increases that could fuel broader inflation. The conflict has now directly targeted the economic lifelines of multiple Gulf states, potentially drawing them deeper into the war and threatening energy security worldwide.
Confidencehigh
Agreementmixed