The Leuna industrial chemical park stands illuminated at twilight in Leuna, Germany, on March 17, 2026. The Leuna facility depends on petroleum and natural gas, the prices of which for both have risen dramatically since the outbreak of the U.S.-Israeli conflict with Iran. The chemical industry in Germany was already under severe stress, with current output well below capacity. Sean Gallup/Getty Images
Iran intensified attacks on its Gulf Arab energy infrastructure on March 19, hitting a Saudi refinery, Qatari liquefied natural gas facilities, and two Kuwaiti oil refineries, in an escalation that sent oil prices sharply higher.
Benchmark Brent crude rose to more than $119 a barrel at session highs early Thursday—close to the three-and-a-half-year peak touched on March 9—while U.S. West Texas Intermediate briefly climbed above $100, as markets reacted to the widening threat to Middle East supply.
