Iran Conflict — 2026-03-19
Brent Crude Briefly Hits $119 as Iran Strikes Qatar LNG Terminal and Kuwait Refineries
Brent briefly surged above $119/bbl before settling near $116 after IRGC missiles struck two Kuwaiti refineries and inflicted extensive damage on Qatar's Ras Laffan LNG terminal, knocking out 17% of Qatar's LNG export capacity. European TTF gas prices traded 24% higher. Day 20 marks the conflict's decisive pivot to energy infrastructure warfare.
Analysis
Brent was $110.90 in the 0400 INTSUM and $108.78 in the Mar 18 digest. The $119 intraday spike represents a 7.3% single-day move. Since the war began (Feb 28), Brent has risen from $73, a 60%+ increase in 20 days.
Brent was $110.90 in the 0400 INTSUM and $108.78 in the Mar 18 digest. The $119 intraday spike represents a 7.3% single-day move. Since the war began (Feb 28), Brent has risen from $73, a 60%+ increase in 20 days.