Oil Nears Record High as Iran Strikes Gulf Energy Sites and Hormuz Disruption Tightens Supply

Global prices surge toward $120 as attacks on key infrastructure and shipping routes rattle energy markets.

By yourNEWS Media Newsroom

Oil prices surged toward recent highs Thursday after a wave of attacks on Gulf energy infrastructure and continued disruption in the Strait of Hormuz intensified concerns over global supply.

Brent crude briefly exceeded $119 per barrel on March 19, reaching $119.13 before retreating to $112.04 later in the morning, according to market tracking data. The spike brings prices close to the recent 52-week high of $119.50 and nearly double the $58.40 low recorded in April 2025.

The increase follows a series of strikes targeting energy facilities across the region, as well as ongoing interference with shipping through the Strait of Hormuz, a critical chokepoint that carries roughly 20 percent of the world’s oil supply.

Treasury Secretary Scott Bessent said during an appearance on Fox Business that the administration is weighing additional releases from the Strategic Petroleum Reserve to stabilize prices. He noted that a coordinated release of 400 million barrels had already been approved, with the possibility of further unilateral action by the United States.

Bessent also pointed to recent policy decisions aimed at increasing supply, including the release of approximately 130 million barrels of Russian oil previously stranded in tankers. He said additional measures could include bringing Iranian oil currently held offshore into the market.

“In essence, we will be using the Iranian barrels against the Iranians to keep the price down for the next 10 or 14 days as we continue this campaign,” Bessent said.

The price surge comes amid escalating military activity affecting major energy assets. On March 18, Israel carried out strikes on Iran’s South Pars natural gas field in Bushehr province, one of the world’s largest gas reserves shared with Qatar.

QatarEnergy confirmed that Ras Laffan Industrial City, home to the country’s primary liquefied natural gas infrastructure, was struck by missiles, causing extensive damage and fires. Additional attacks in the early hours of March 19 further damaged LNG facilities.

Saudi Arabia reported that a drone struck the SAMREF Aramco-Exxon refinery, while a ballistic missile aimed at the port city of Yanbu—its primary crude export outlet—was intercepted.

Kuwait also reported drone strikes on refineries at Mina Abdullah and Mina al-Ahmadi, with fires breaking out at both facilities.

The concentration of attacks on oil and gas infrastructure across multiple Gulf states has heightened concerns over sustained supply disruptions, contributing to volatility in global energy markets.

Officials have indicated that contingency measures, including reserve releases and increased output coordination with producers, are being considered to offset potential shortages as tensions in the region continue.