Oil Prices Surge to $118 Per Barrel Amid Persian Gulf Attacks

Objective Facts

Qatar said Wednesday that Iranian missile strikes had damaged a key liquefied natural gas (LNG) export facility. The action followed Tehran's warning about attacking energy facilities in Qatar, Saudi Arabia and the United Arab Emirates in retaliation for Israel's bombing of a natural gas processing facility in Iran. International benchmark Brent crude futures with May delivery rose more than 3% to $111.06 per barrel, paring gains after briefly climbing above $119 earlier in the session. President Donald Trump said there would be no further attacks on South Pars unless Iran attacks Qatar again, in which case the U.S. "will massively blow up the entirety" of the gas field. Axios, citing unnamed American and Israeli officials, reported that Trump knew and that the U.S. had in fact "green-lit" and coordinated the attack with Israeli Prime Minister Benjamin Netanyahu.

Left-Leaning Perspective

Left-leaning outlets emphasize Trump's reliance on fossil fuels as a strategic vulnerability. The Iran war is underscoring the risks of President Donald Trump's relentless focus on fossil fuels as he pursues what he calls American energy dominance. They highlight Trump's contradictory claims about U.S. involvement, noting that multiple sources confirm coordination while Trump publicly denied knowledge. Reports indicate that the U.S. was informed about Israel's plans. The Associated Press quoted a source who said the U.S. knew about the plan, but did not take part in the bombing. New reporting by Semaphor also backed the claim that the Trump administration knew, while Axios reported senior Israeli and U.S. officials were aware of the strike in advance and "even approved it." Progressive commentators argue this demonstrates a failed geopolitical strategy that prioritizes military escalation over genuine de-escalation efforts. Left outlets stress the human and economic costs. Democrats argue "to have somebody claiming that it's no big deal to pay a little bit more at the pump is wildly out of touch." Democratic strategists say Trump has "entered into a war of choice with no plan, no strategy, and the only thing he's accomplished is, not just jacking up energy and oil prices — but everything." They note the irony that Trump campaigned against Biden's energy policies while presiding over higher gas prices. Left media also question the broader strategy. "We are currently experiencing what is the largest oil supply disruption in history," said Gregory Brew, a senior analyst at the Eurasia Group. Energy prices will likely remain high for the foreseeable future. "The Iranian strategy of applying pressure to the United States will continue to play out, and President Trump will continue to feel the pressure," he said.

Right-Leaning Perspective

Right-leaning coverage emphasizes Trump's strength and strategic discipline. The Israeli official said it was aimed at signaling to Iran that if it continues disrupting oil supply through the Strait of Hormuz there could be an escalation in the targeting of its energy facilities and a worsening of the economic crisis in the country. "It was a signal of what could come next." Conservative outlets frame the gas field strike as necessary leverage against Iranian aggression and point to Trump's threat to destroy South Pars as a deterrent that maintains credibility. Right media characterizes price increases as temporary costs of national security. Energy Secretary Chris Wright told Fox News on Wednesday that what he described as a temporary bump was a "very small price to pay" for accomplishing the administration's goals in Iran. Trump himself dismissed worries about the rising prices, saying they would fall soon. Conservative voices argue that Trump's energy dominance policies position the U.S. long-term, and that the war is actually a necessary investment to prevent future Iranian threats that would be even more costly. Right outlets also emphasize Trump's efforts to mitigate prices. The Trump administration also made several efforts to expand US oil production to counteract rising fuel prices. On Saturday, it approved a new BP project off America's Gulf coast – the company's first new oilfield development in the Gulf since the 2010 Deepwater Horizon oil spill. And Energy Secretary Chris Wright directed Sable Offshore Corp. Conservative commentators stress these proactive measures while questioning whether the Biden-era restrictions had unnecessarily hampered production.

Deep Dive

The March 19 escalation represents a qualitative shift in the Iran conflict's economic impact. This disruption affected about 20% of the world's daily oil supply and significant volumes of liquefied natural gas (LNG), prompting major shipping firms to suspend operations in the area. Amid fears of prolonged supply shortages, oil prices surged faster than during any other conflict in recent history; Brent crude oil prices surpassed US$100 per barrel on 8 March 2026. The strike on South Pars—the world's largest gas field—marks the first time Israel has directly targeted Iranian natural gas infrastructure, introducing an entirely new category of economic weapon into the conflict. What each perspective captures accurately: The left correctly identifies the coordination discrepancy between Trump's public statements and multiple credible reports, highlighting a genuine credibility issue. Right-leaning outlets accurately note the strategic signaling function of the strike and the administration's active efforts to manage prices through SPR releases and regulatory waivers. Both appropriately recognize that the average gas price has climbed from just under $3 per gallon in late February to about $3.89 as of March 19 — an increase of roughly 90 cents overall. Most states have seen prices rise by more than 70 cents per gallon, with at least 11 states recording increases above $1. Some of the largest jumps are concentrated in parts of the South and West — including Arizona (+$1.17), Kentucky (+$1.07) and Utah (+$1.04). What the left omits: any acknowledgment of Iran's systematic disruption of the Strait of Hormuz and the genuine military challenges posed by Iran's attacks on shipping. What the right omits: serious discussion of whether the fundamental strategy—targeting civilian energy infrastructure—might violate international norms or have unintended escalatory consequences. Critically unresolved: Whether Trump's claim of not knowing about the strike represents genuine operational separation (Trump's position) or deliberate misdirection to avoid accountability for escalation that helped precipitate Iran's retaliation. The White House did not immediately respond to a request for comment on the three Israeli officials' remarks. After Iran's attacks, Gulf Arab countries sought explanations from the Trump administration, with one country contacting U.S. Central Command. The Pentagon's Middle East command told that country that it was not informed in advance of the Israeli strike. The fact that U.S. Central Command claims non-notification suggests either genuine coordination concealment or inter-agency disconnection—either outcome is problematic. Going forward, watch whether Qatar, Saudi Arabia, and the UAE force Trump to clarify U.S. objectives more explicitly, whether Iran's "zero restraint" doctrine leads to attacks outside the Gulf, and whether sustained $110+ oil catalyzes political pressure for a negotiated off-ramp to the conflict.

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← Daily BriefAbout

Oil Prices Surge to $118 Per Barrel Amid Persian Gulf Attacks

Mar 19, 2026
What's Going On

Qatar said Wednesday that Iranian missile strikes had damaged a key liquefied natural gas (LNG) export facility. The action followed Tehran's warning about attacking energy facilities in Qatar, Saudi Arabia and the United Arab Emirates in retaliation for Israel's bombing of a natural gas processing facility in Iran. International benchmark Brent crude futures with May delivery rose more than 3% to $111.06 per barrel, paring gains after briefly climbing above $119 earlier in the session. President Donald Trump said there would be no further attacks on South Pars unless Iran attacks Qatar again, in which case the U.S. "will massively blow up the entirety" of the gas field. Axios, citing unnamed American and Israeli officials, reported that Trump knew and that the U.S. had in fact "green-lit" and coordinated the attack with Israeli Prime Minister Benjamin Netanyahu.

Left says: As crude oil prices rise above $100 a barrel and gasoline prices surge toward $4 a gallon, the Republican president's strategy of blocking clean energy such as wind and solar power has left Americans with fewer alternative energy sources. But the war in Iran is underscoring the risks of that approach. Critics also challenge Trump's denial of coordination: an Israeli source familiar with the attack told CNN on Wednesday that Israel had carried out the attack in coordination with the US, contradicting the president's claim. A US source also told CNN that the US was "aware" of the strike.
Right says: Gas prices have surged 50 cents per gallon amid Trump's Iran conflict. Trump directed the Strategic Petroleum Reserve to release 172 million gallons of crude oil Wednesday in an effort to lower oil prices. Right-leaning outlets frame this as justified military action: The Israeli officials said the strike was coordinated with and approved by the Trump administration. A U.S. Defense official confirmed that.
✓ Common Ground
Both left and right acknowledge that oil markets are now volatile and disrupted due to the conflict, with the International Energy Agency estimat[ing] the war will cut the global supply of oil by about 8 million barrels a day in March.
Multiple voices across the spectrum recognize that the concentration of output affected by conflicts has not been seen in over eighty years, representing a historically significant economic risk.
Both sides accept that the significant damage to Qatar's facilities could delay the restart of production. Since about a fifth of global LNG supply comes from Qatar, nearly all of it from Ras Laffan, any delay could have a huge effect on the price and supply of LNG. Analysts said Thursday that "the attacks fundamentally reshape (the) global LNG outlook," with disruption to global natural gas supply now likely to last longer than two months.
Critics on both the left and right have raised concerns about the lack of clarity on Trump's war objectives. Defense Secretary Pete Hegesth and Joint Chiefs of Staff Chairman Dan Caine held a press briefing during which the Pentagon leader said the war with Iran is "on-plan," but he did not explain the administration's goals for the war or give a timeline for the operation.
Objective Deep Dive

The March 19 escalation represents a qualitative shift in the Iran conflict's economic impact. This disruption affected about 20% of the world's daily oil supply and significant volumes of liquefied natural gas (LNG), prompting major shipping firms to suspend operations in the area. Amid fears of prolonged supply shortages, oil prices surged faster than during any other conflict in recent history; Brent crude oil prices surpassed US$100 per barrel on 8 March 2026. The strike on South Pars—the world's largest gas field—marks the first time Israel has directly targeted Iranian natural gas infrastructure, introducing an entirely new category of economic weapon into the conflict.

What each perspective captures accurately: The left correctly identifies the coordination discrepancy between Trump's public statements and multiple credible reports, highlighting a genuine credibility issue. Right-leaning outlets accurately note the strategic signaling function of the strike and the administration's active efforts to manage prices through SPR releases and regulatory waivers. Both appropriately recognize that the average gas price has climbed from just under $3 per gallon in late February to about $3.89 as of March 19 — an increase of roughly 90 cents overall. Most states have seen prices rise by more than 70 cents per gallon, with at least 11 states recording increases above $1. Some of the largest jumps are concentrated in parts of the South and West — including Arizona (+$1.17), Kentucky (+$1.07) and Utah (+$1.04). What the left omits: any acknowledgment of Iran's systematic disruption of the Strait of Hormuz and the genuine military challenges posed by Iran's attacks on shipping. What the right omits: serious discussion of whether the fundamental strategy—targeting civilian energy infrastructure—might violate international norms or have unintended escalatory consequences.

Critically unresolved: Whether Trump's claim of not knowing about the strike represents genuine operational separation (Trump's position) or deliberate misdirection to avoid accountability for escalation that helped precipitate Iran's retaliation. The White House did not immediately respond to a request for comment on the three Israeli officials' remarks. After Iran's attacks, Gulf Arab countries sought explanations from the Trump administration, with one country contacting U.S. Central Command. The Pentagon's Middle East command told that country that it was not informed in advance of the Israeli strike. The fact that U.S. Central Command claims non-notification suggests either genuine coordination concealment or inter-agency disconnection—either outcome is problematic. Going forward, watch whether Qatar, Saudi Arabia, and the UAE force Trump to clarify U.S. objectives more explicitly, whether Iran's "zero restraint" doctrine leads to attacks outside the Gulf, and whether sustained $110+ oil catalyzes political pressure for a negotiated off-ramp to the conflict.

◈ Tone Comparison

Left-leaning outlets employ language emphasizing contradiction and risk: "Trump Loses It and Claims Key War Ally Went Behind His Back," with headlines noting Trump claimed "NO MORE ATTACKS WILL BE MADE BY ISRAEL." Right media uses phrases suggesting strength and strategic signaling, framing energy decisions as necessary leverage. Right sources note Trump "will massively blow up the entirety" of the field as a credible deterrent. Left tone is skeptical and critical of inconsistency; right tone treats Trump's statements as resolute warnings.

✕ Key Disagreements
U.S. Coordination with Israel's South Pars Strike
Left: Left outlets stress Trump's dishonesty: an Israeli source familiar with the attack told CNN that Israel had carried out the attack in coordination with the US, contradicting the president's claim. A US source also told CNN that the US was "aware" of the strike. An Israeli source familiar with the attack told CNN that Israel had carried out the attack in coordination with the US, contradicting the president's claim. A US source also told CNN that the US was "aware" of the strike.
Right: Right media accepts the official explanation that Israel acted independently but with U.S. awareness, framing this as appropriate operational discretion. Trump said the US and Israel were "independent" but "get along great." "It's coordinated. But on occasion he'll do something, and if I don't like it, and so we're not doing that anymore."
Energy Policy Strategy: Fossil Fuels vs. Alternatives
Left: U.N. Secretary-General António Guterres said the turmoil in the Middle East shows "the fastest path to energy security" is to speed up a just transition away from fossil fuels and toward renewable energy. "There are no price spikes for sunlight and no embargoes on the wind," he said. Left critics argue Trump's energy dominance focus on oil leaves America vulnerable.
Right: Right outlets defend Trump's pro-fossil fuel agenda as strengthening U.S. independence and capability. Fox personalities have wielded this narrative against Democratic presidents and used its talking points to advocate for more drilling and fossil fuel extraction, the network has fallen nearly silent on the concept of achieving energy independence as domestic energy costs continue rising despite Trump's claims of achieving "energy dominance."
Severity and Duration of Price Impacts
Left: "Even if the conflict were to end tomorrow and the Strait of Hormuz were to reopen, oil prices would not return to pre-conflict levels of $67 per barrel," wrote veteran energy industry analyst Andy Lipow. "The damage to energy infrastructure is done and will take months if not years to repair the more extensively damaged facilities. Moreover, from this point on energy markets will factor a future potential closure of the strait into the price of oil. Left sources predict lasting economic impacts.
Right: White House Press Secretary Karoline Leavitt called the recent surge in oil and gas prices "temporary." "Once the national security objectives of Operation Epic Fury are fully achieved, Americans will see oil and gas prices drop rapidly, potentially even lower than they were prior to the start of the operation." Right media frames price increases as temporary disruptions manageable through military victory.
Political Accountability for Gas Prices
Left: Both the higher prices and Trump's comments dismissing them are likely to be part of Democrats' case in the months ahead. "If you fly around on your own private jet and live in houses full of golden toilets, to have somebody claiming that it's no big deal to pay a little bit more at the pump is wildly out of touch," Democratic strategist Eddie Vale said. Trump has "entered into a war of choice with no plan, no strategy, and the only thing he's accomplished is, not just jacking up energy and oil prices — but everything."
Right: Some Republicans are warning that high oil and gas prices could be catastrophic for the party's midterm prospects. "I think if you add in high gas prices, high oil prices, and if we are still bombing Iran with kinetic action … I think you're going to see a disastrous election," Sen. Rand Paul, R-Ky., told Fox Business. But mainstream Republican messaging emphasizes the necessity of the action and temporary nature of costs.