Oil prices have surged as Iran intensified strikes on facilities across the Persian Gulf, prompting a possible relaxation of US sanctions on millions of barrels of Iranian oil. The latest attacks have rattled markets and sparked concerns about the potential long-term impact on global energy supplies.
US Treasury Secretary Scott Bessent said the administration may lift restrictions on Iranian oil that has already been loaded onto vessels, which could help generate funds for Iran’s war effort. However, this move would be seen as a blow to the US and its allies, who have imposed sanctions on Russia and Iran in response to their military actions.
Analysts warn that further destruction of oil and gas fields, liquefaction facilities, and shipping terminals could push prices even higher, potentially reaching $150 per barrel. French President Emmanuel Macron has called for an immediate moratorium on attacks on civilian infrastructure, including oil and gas facilities, while Qatar’s state-owned energy company reported multiple missile attacks on its facilities.
The US military has acknowledged that Iran remains capable of launching strikes on regional partners’ oil infrastructure despite being targeted by over 15,000 US and Israeli airstrikes. The Pentagon is seeking additional funding to replenish its air defenses in the region, which rely on scarce munitions.
Leaders from around the world have called for a swift de-escalation of the conflict, with representatives from 12 countries in the region condemning Iran’s attacks as “deliberate” and “targeting civilian areas”. The European allies have rebuffed calls to deploy warships to reopen the Strait of Hormuz but expressed openness to providing diplomatic or military assistance once the fighting subsides.
As oil prices continue to surge, analysts are warning that the full impact of current prices may not be reflected at filling stations yet. Rystad Energy has predicted that prices could hit $120 and rise rapidly from there if Iran’s attacks continue unabated. The US is also facing pressure to intervene in the conflict, with President Trump appearing to distance himself from an Israeli attack on a Qatari gas facility.
Source: https://www.washingtonpost.com/world/2026/03/19/us-iran-war-trump-gas-prices-qatar