By Caitlin McCabe
Oil prices jumped and natural gas prices surged Thursday after the latest round of attacks on Middle Eastern energy facilities stoked fears of a full-blown energy crisis.
Futures for European natural-gas prices rocketed more than 20% higher after Qatar said that Iranian strikes caused extensive damage to Ras Laffan, the site of the world's largest liquefied natural gas plant. Futures for Brent crude oil, the international benchmark, rose more than 6% to around $115 a barrel, continuing the previous day's climb.
Stocks in Europe and Asia--two regions that rely heavily on oil and gas from the Middle East--fell, with the Stoxx Europe 600 on pace to erase its gains for the year so far. Stock indexes in Hong Kong, Japan and South Korea slid.
U.S. stock futures also retreated, with tech-focused Nasdaq-100 contracts leading losses. On Wednesday, all three major indexes sold off after Federal Reserve Chair Jerome Powell dimmed hopes of an interest-rate cut this year.
Government bond yields around the world headed higher, with the latest energy-price jump exacerbating fears about inflation. The 10-year Treasury yield continued to rise past 4.28%.
The Bank of England and the European Central Bank are expected to follow the Fed in holding interest rates steady Thursday, mirroring similar moves by central banks in Switzerland and Japan earlier in the day.
Gold fell more than 3% to head toward $4,700 a troy ounce, on track for its sixth decline in seven sessions.
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(END) Dow Jones Newswires
March 19, 2026 06:49 ET (10:49 GMT)
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