Crude oil prices trade over $112/bbl as West Asia tensions rise over attacks on energy infrastructure; US stocks end lower

Crude oil prices in the global market were trading above $110 per barrel (bbl) during Thursday’s early market hours after US and Israeli drones carried out targeted attacks against Iran’s key energy infrastructure at the South Pars natural gas field, and Iran’s response to those strikes on Wednesday amid the US-Iran conflict in West Asia.

Following the attacks on Wednesday evening, the Brent crude oil futures surged to hit an intraday high of $111.90 per bbl during the trading session on March 18, after hovering around the near $102 per bbl region in the early market hours. Crude oil prices have been witnessing major volatility since the beginning of the conflict, with prices rising 40% since February 28, 2026.

The West Texas Intermediate (WTI) also jumped to $99.76 per bbl on Wednesday’s market after reports emerged on the attacks on the energy infrastructure in the Gulf countries. The WTI crude rates were trading around $95 per bbl in the early market session.

Oil prices today

Brent crude oil futures were trading 1.48% higher at $112.57 per bbl as of 7:30 a.m. (IST) on Thursday, compared to $110.95 per bbl in the previous commodity market session, according to Investing.com data.

The US-based WTI crude oil prices were trading 2.56% higher at $97.90 per bbl as of 7:31 a.m. (IST), compared to $95.46 per barrel at the previous market close, as per the data.

Why are crude oil prices rising again?

Oil prices on the global market are rising again after the United States and Israel carried out drone strikes on Iran’s key energy infrastructure at the South Pars natural gas field. Soon after the attacks on Wednesday evening, the energy facilities were taken offline to control and prevent the spread of fire, according to Iranian state media reports.

According to an Al Jazeera report, Iran has retaliated for the drone strikes carried out on their key energy sources, attacking the Ras Laffan Industrial City in Qatar with missile strikes. The Qatari authorities disclosed that the missile strikes have caused ‘significant damage’ to their main gas facility in the plant.

“The brutal Iranian attacks on countries in the region have crossed all red lines by targeting civilians, civilian infrastructure… and vital facilities,” according to the statement cited in the report, with authorities condemning the attacks.

As per the recent developments in the region, explosions were reportedly heard in central parts of Israel amid the air raid sirens in the area. Local media reports that this comes moments after Israel’s military detected a new wave of missiles from Iran amid the ongoing conflict.

US stocks snapshot

The benchmark US stock market indices, like the Dow Jones, S&P 500, and Nasdaq, crashed, closing lower after Wednesday’s trading session on the backdrop of the recent attacks in West Asia and the US Federal Reserve keeping its key benchmark interest rates unchanged at the range of 3.50-3.75%.

Jerome Powell-led US Fed's Federal Open Market Committee (FOMC) decided to keep the benchmark interest rates unchanged at the range of 3.50-3.75% citing somewhat elevation inflation level and risks as the central bank analyses the impact of the West Asia conflict and the incoming data for the US economy.

The Dow Jones Industrial Average closed 1.63% lower at 46,225.15 points after Wednesday’s market hours, compared to 46,993.26 points at the previous market close, according to MarketWatch data. Stocks like Chevron and JPMorgan Chase were among the gainers, while others like McDonald’s, Procter & Gamble, and Home Depot were among the losers.

Along with Dow, the S&P 500 also closed 1.36% lower at 6,624.70 points, compared to 6,716.09 points at the previous US stock market session, according to the data. Stocks such as LyondellBasell Industries, Sandisk, and Ciena Corp. were among the gainers; others like Carvana, Otis Worldwide, and Charter Communications were among the losers.

Nasdaq Composite closed 1.46% lower at 22,152.42 points, compared to 22,479.53 points at the previous Wall Street close, MarketWatch data showed. Stocks like Artelo Biosciences, Zhengye Biotech, and Twin Vee PowerCats were among the gainers, while others like Meiwu Tech, Smart Powerr Corp., and Texxon Holding were among the losers.