economy
March 19, 2026
Energy Markets shaken by escalating conflict in the Middle East
The escalating armed conflict in the Middle East is causing great concern worldwide due to a potential global energy supply crisis.
TL;DR
- The conflict in the Middle East has caused oil prices to surge, nearing or exceeding $100 per barrel, the highest since the 2022 invasion of Ukraine.
- Attacks on Iranian petrochemical complexes and Qatari industrial sites have significantly impacted global energy markets, pushing oil prices above $110 per barrel and gas prices higher.
- European gas prices rose by 30% on March 19th, the highest increase since the recent hostilities began.
- US President Donald Trump stated the US was unaware of Israel's attack on Iran's South Pars gas field and called Iran's attack on Qatar's Ras Laffan 'unjustified and unfair,' warning Iran of massive retaliation if attacks on other countries continue.
- Iran has blocked passage through the Strait of Hormuz, a critical route for oil and LNG transport, which carries 20% of the world's oil and LNG.
- The G7 countries have released record amounts of oil from strategic reserves to stabilize markets.
- Serbia has temporarily banned the export of oil and all petroleum derivatives, ensuring 90 days of diesel and gasoline reserves.
- Croatia has increased prices for gasoline and diesel fuel.
- Montenegro faces fuel shortages at several stations despite having two months of strategic reserves.