Oil prices surged and stock markets slumped yesterday as Iran vowed to retaliate for an attack on its huge Pars gas field. Brent crude leapt to around $110 a barrel and the FTSE 100 slumped by nearly 100 points as traders reacted to the fresh escalation in the conflict. The surge in oil prices since the US and Israel launched their war on Iran has already sent motorists' fuel bills surging and with gas prices shooting higher too, inflation is expected to climb. The attack on the Iranian installation – part of the world's largest natural gas field, shared with Qatar – was reportedly carried out by Israel with US consent. It is the first reported strike on Iranian energy infrastructure since the war began at the end of last month.

Source: Daily Mail March 19, 2026 13:54 UTC