War escalates, energy prices spike after Israeli strike on Iran gas field

Stock prices were down aboriginal Thursday and oil prices roseate sharply arsenic the U.S.-Israeli warfare connected Iran escalated.

Israel's Wednesday onslaught connected Iran's South Pars state field, which is shared with Qatar, and President Trump's menace to destruct the immense reserve if Iran retaliates by striking Qatari infrastructure, person deed markets hard.

The Reuters quality bureau said U.S. crude futures roseate supra $97 per tube aboriginal Thursday, portion earthy state was up 3% and Brent crude futures roseate to $111.87 a barrel, up 4% connected the day.

Japan's Nikkei banal scale was down implicit 3%, South Korean equities fell 2.8% and European futures were down much than 1.5% up of the continent's markets opening.

"This latest escalation feels similar a turning constituent for markets due to the fact that the struggle is nary longer conscionable astir subject headlines oregon Strait of Hormuz closure," Charu Chanana, main concern strategist astatine Saxo successful Singapore, told Reuters. "It is present hitting the plumbing of the planetary vigor system. What is unsettling markets present is the increasing stagflation risk... It means this is nary longer conscionable a geopolitical communicative but a macro one."

Iran launched astatine slightest six waves of missiles astatine Israel overnight, including caller attacks utilizing clump bombs. 

Air defenses intercepted astir of the weapons, but debris and bomblets from the clump munitions fell successful respective places, including successful Tel Aviv wherever an aged antheral was lightly injured successful flat building, according to medics.

The wrong of an flat destroyed by an Iranian rocket onslaught is seen, with the Tel Aviv skyline disposable successful the background, pursuing an overnight Iranian onslaught connected March 19, 2026. Ilia YEFIMOVICH/AFP/Getty

One clump weaponry struck the cultivation assemblage of Adanim successful cardinal Israel's Sharon area, sidesplitting a Thai cultivation worker, according to medics, portion different deed a location successful Jaljulia, an Arab municipality besides successful cardinal Israel, but caused nary reported injuries.

There was besides a nonstop deed successful the Palestinian municipality of Bayt Awwa, successful the Israeli-occupied West Bank, which Palestinian media reports said had caused immoderate fatalities. There was nary contiguous confirmation of the casualties there.

The U.K. military's Maritime Trade Operations Center said aboriginal Thursday that it had received a study of a vas being "hit by an chartless projectile" conscionable disconnected the seashore of Qatar's Ras Laffan petroleum manufacture area. 

UKMTO did not place the vas oregon supply immoderate further accusation astir what mightiness person deed it, but it said each unit members were reportedly harmless and well.

Iran has attacked commercialized vessels successful the Gulf portion for astir 3 weeks successful retaliation for ongoing U.S.-Israeli strikes, paralyzing marine postulation done the Strait of Hormuz, a captious shipping lane for planetary lipid supplies.

Fewer specified attacks had been reported this week, but pursuing Israel's onslaught connected the Iranian South Pars state field, the authorities successful Tehran stepped up its strikes connected Gulf states aboriginal Thursday.

QatarEnergy said that successful summation to Iran's Wednesday rocket onslaught connected Ras Laffan Industrial City, which it said caused "extensive harm to the Pearl GTL (Gas-to-Liquids) facility," respective different facilities were targeted successful aboriginal attacks aboriginal Thursday greeting section time.

QatarEnergy said the attacks caused "sizeable fires and extended further damage" astatine aggregate LNG facilities. No casualties were initially reported, QatarEnergy said.

President Trump said Wednesday connected Truth Social that Israel would not onslaught Iran's South Pars state tract again, but added a informing that if Iran continues to onslaught Qatar's liquid earthy state facilities, the U.S. volition destruct the Iranian state field.

Mr. Trump wrote that the United States "knew nothing" astir Israel's onslaught connected the South Pars tract and that Qatar was "in nary way, shape, oregon form, progressive with it."

Mr. Trump said Iran past "unjustifiably and unfairly" struck Qatar's Ras Laffan state installation successful response. 

The president declared that "NO MORE ATTACKS WILL BE MADE BY ISRAEL" connected the South Pars field, "unless Iran unwisely decides to onslaught a precise innocent, successful this case, Qatar - In which lawsuit the United States of America, with oregon without the assistance oregon consent of Israel, volition massively stroke up the entirety of the South Pars Gas Field astatine an magnitude of spot and powerfulness that Iran has ne'er seen oregon witnessed before."

Israeli officials person not commented connected the South Pars onslaught oregon Mr. Trump's remarks astir it.

A squad of subject planners from the United Kingdom is moving with the U.S. subject to reopen the Strait of Hormuz, CBS News has learned.

The comparatively tiny squad is astatine U.S. Central Command — which manages U.S. subject operations successful the Middle East — moving connected options to reopen the strait. A U.K. authoritative told CBS News that this is an enhancement to the U.K. readying unit already assigned to CENTCOM, which is headquartered successful MacDill Air Force Base adjacent Tampa, Florida.

The quality was archetypal reported by Radio Free Europe.

The U.K. and different U.S. allies person been reluctant to articulation U.S. subject operations during progressive combat operations by the U.S. and Israel against Iran, according to aggregate diplomats.

After hostilities conclude, allies similar the U.K. and Japan whitethorn see sending assets similar excavation detection materials, according to aggregate officials acquainted with the ongoing diplomacy. 

This contented is apt to beryllium raised Thursday erstwhile Japanese Prime Minister Sanae Takaichi meets with President Trump astatine the White House. Takaichi has already publically indicated that Japan's constitution would not licence the usage of its self-defense forces to run successful an violative operation.