Oil Jumps, Stocks Slide As Gulf Attacks Raise Energy Supply Fears
Oil prices surged and global stocks fell sharply on March 19 as escalating attacks on Persian Gulf energy infrastructure heightened fears of supply disruptions.
Brent crude jumped 7 percent to pass $115 per barrel, while US crude briefly topped $100, after Iranian strikes hit Qatar’s Ras Laffan liquefied natural gas hub and followed threats to target more regional facilities. European gas prices spiked more than 30 percent.
Equity markets reacted negatively, with major Asian indexes -- including Tokyo and Seoul -- posting steep losses, with declines seen across global markets.
The conflict has effectively disrupted traffic through the Strait of Hormuz, a key route for about a fifth of global oil and gas flows, adding to market volatility.
Rising energy costs have fueled concerns about renewed inflation and potential interest rate hikes, with central banks warning of growing economic uncertainty as the crisis deepens.
Based on reporting by Reuters
Iran Prison Conditions Deteriorate Sharply Amid War, Rights Group Says
Iran’s prison conditions have sharply deteriorated since the outbreak of war on February 28, with widespread reports of human rights violations, according to the Norway-based group Iran Human Rights (IHRNGO).
The group said Internet shutdowns and increased militarization have left detainees isolated, with special forces taking control of several prisons across the country.
Saying it had "received alarming reports about conditions in prisons across Iran," IHRNGO cited severe shortages of food, water, and medicine, along with unsanitary conditions, restricted access to health care, and the closure of prison commissaries. At least one prisoner has died after being denied medical treatment, while others have launched hunger strikes in protest.
While some inmates convicted of minor offenses have been temporarily released, political prisoners, death row inmates, and others serving long sentences remain in deteriorating conditions or have been transferred to unknown locations.
IHRNGO also reported overcrowding, violence, and intensified security measures in multiple facilities, raising concerns about the safety and welfare of detainees nationwide.
Iran Executes 3 Over Alleged Protest Killings
Iran has reportedly executed three men who, according to Iranian state media, were convicted of killing two police officers during unrest earlier this year.
The judiciary’s news agency, Mizan Online, said on March 19 that the death sentences of "three convicted rioters" had been carried out.
According to Reuters, the executions took place in the religious city of Qom. The judiciary said the men had been found guilty of murder and "waging war against God," including carrying out acts that it claimed benefited Israel and the United States.
Iranian authorities said the three had participated in attacks with knives and other weapons during protests on January 8, resulting in the deaths the policemen.
Iran is one of the world’s most prolific users of the death penalty, with executions often rising during periods of unrest.
Earlier on March 18, the Foreign Ministry in Stockholm said Iran had executed a Swedish citizen, prompting condemnation from Sweden and EU foreign policy chief Kaja Kallas.
Vessel Hit By 'Unknown Projectile' At Qatar Gas Hub
The United Kingdom Maritime Trade Operations (UKMTO), a shipping security monitoring group, reported early on March 19 that it had received information about a vessel being struck near Ras Laffan, Qatar's primary hub for liquefied natural gas production.
"It has been reported to UKMTO that a vessel has been hit by an unknown projectile. All crew are reported safe and well," the group said on X.
Qatar Slams Iranian Attacks On Regional Energy Facilities
Qatar has strongly condemned Iran's recent attacks on energy facilities in Saudi Arabia and the United Arab Emirates, calling them a serious violation of international law and a threat to global energy security, navigation, and the environment.
"Iran's brutal attacks on countries in the region have crossed all red lines by targeting civilians, civilian objects, and vital facilities," Qatar's Foreign Ministry said in a statement on March 19.
It also emphasized "the need to spare the region the consequences of these unjustified attacks and to work towards de-escalation to restore regional and international security and stability." Qata
'Brief Restoration' Of Internet Reported In Iran, Says Monitor
The Internet monitoring group NetBlocks reports that network data showed a "brief restoration" of Internet connectivity in Iran during the 444th hour of the country's second-longest digital blackout.
"Some users report coming momentarily back online after an apparent filtering system glitch. However, the restoration is not sustained," NetBlocks said in a post on X late on March 18.
The Islamic republic cut Internet access across Iran in the early hours of February 28, shortly after the start of US and Israeli attacks. Connectivity from inside the country has dropped to around 1 percent since the conflict started.
Experts and rights groups say Internet shutdowns in Iran can limit information leaving the country and help authorities control the narrative during unrest or conflict.
EU Leaders To Convene, With Iran, Ukraine Wars On Agenda
The wars in Iran and Ukraine will be on the agenda as European Union leaders meet in Brussels on March 19. Fuel prices in the EU have surged since the United States and Israel began an air campaign against Iran nearly three weeks ago, and member states are struggling to find ways to ease the burden on consumers. The matter of high energy prices has been an issue for EU leaders even before the Iran war and have only been exacerbated with the disruptions to the sector as the conflict has spilled over into the greater Gulf region.
Vessel Hit Off Gulf Of Oman As Shipping Remains Perilous
A vessel has been struck by an unknown projectile while in the Gulf of Oman near the Strait of Hormuz, a British naval security agency said on March 19. The UK Maritime Trade Operations (UKMTO) said it received a report at 2300 GMT on March 18 "that a vessel has been hit by an unknown projectile, which has resulted in a fire on board" about 20 kilometers off United Arab Emirates port of Khor Fakkan. Further details were not immediately available. Ships have repeatedly been hit by projectiles in the Persian Gullf, the Strait of Hormuz, and the Gulf of Oman since the US-Israeli attacks on Iran began on February 28. Threat of attack as brought a severely disrupted shipping in the region, hitting the oil sector especially hard.
Trump Warns Of Dire Consequences As Iran Hits Qatari Gas Hub For Second Time
US President Donald Trump on social media late on March 18 warned Tehran with dire consequences if it again retaliated for an Israeli attack on Iran's massive South Pars gas field, an important part of the country's Gulf energy infrastructure.
As Trump's comments were posted on Truth Social, Iran, in fact, did retaliate again, targeting Qatar's main gas hub, Ras Laffan, for a second time in 24 hours, causing fires and "extensive damage" both times.
It was not immediately clear if Trump knew about Iran's second strike on the Qatari site when his comments were posted to social media or the exact timing of the two events.
Trump vowed that there would be no further Israeli attacks on South Pars, unless "Iran unwisely decides to attack a very innocent, in this case, Qatar."
"In which instance the United States of America, with or without the help or consent of Israel, will massively blow up the entirety of the South Pars Gas Field at an amount of strength and power that Iran has never seen or witnessed before."
"I do not want to authorize this level of violence and destruction because of the long term implications that it will have on the future of Iran, but if Qatar’s LNG is again attacked, I will not hesitate to do so," he said.
Trump also said that Washington did not know in advance about the Israeli strike on South Pars after Israeli media reported the attack was conducted by Israeli forces with US consent.
"Israel, out of anger for what has taken place in the Middle East, has violently lashed out at a major facility known as South Pars Gas Field in Iran," Trump said. "The United States knew nothing about this particular attack. ..."
Saudis 'Reserve Right' To Take Military Action Against Iran, Top Diplomat Says
Saudi Arabia's foreign minister on March 19 said the kingdom "reserves the right" to act militarily against Iran after Riyadh was targeted by Iranian ballistic missiles.
Prince Faisal bin Farhan told a news conference that any trust with Tehran has been shattered and that pressure from Iran will "backfire" as the Islamic republic continues to retaliate for the US-Israeli air strikes with missile and drone launches against Gulf Arab states.
Tehran accused Israel of striking its facilities in the huge South Pars gas field on March 18 in a major escalation in the war. Iran has vowed to attack oil and gas targets throughout the Gulf, immediately firing missiles at Qatar and Saudi Arabia.
In the harshest comments to come out of the Saudis since the start of thte war, the foreign minister accused Iran of hostile actions against its neighbors -- directly and through its many regional proxies.
He said the most recent attacks had been long planned by Tehran and were not in reaction to the South Pars attack.
"This pressure from Iran will backfire politically and morally and certainly we reserve the right to take military actions if deemed necessary," Farhan told reporters following a meeting of the region's top diplomats in Riyadh.
Interceptors were fired from near the Riyadh hotel where the conference was held around the time foreign ministers from about a dozen countries -- including Turkey, the UAE, Jordan, Qatar, and Syria -- gathered for a meeting on the Iran war.