Broadly yes, but the move is now bigger than the figures in your prompt.

As of 19 March 2026, the market is no longer reacting to mere threats. Reuters and AP report actual retaliatory strikes on Gulf energy infrastructure after Israel hit Iran’s South Pars gas field. Brent briefly surged above US$119/bbl, WTI touched about US$100, and Qatar’s Ras Laffan LNG complex, one of the world’s most important gas hubs, was among the affected sites. 

My read: this is bullish for oil and gas near term, but it is now a geopolitical-risk trade, not a clean fundamentals trade. The key issue is whether damage stays limited or spreads to export routes and LNG capacity. Qatar has already suspended some LNG production, and analysts are warning that any further disruption could keep crude elevated and gas extremely volatile. 

What matters next:

1. Any attack on Hormuz-linked flows

2. Duration of Ras Laffan and other facility outages

3. Whether reserve releases or sanction relief offset supply fear

So, yes, oil and gas can continue to soar, but after such a spike the trade becomes headline-driven and violent in both directions. Chasing here carries far more risk than before.