Bloomberg Surveillance Iran Vows to Retaliate; Oil and Gas Prices Soar
Mar 18, 2026
Alicia Levine, BNY Wealth investment strategist who advises on asset allocation and risk, and Will Kennedy, Bloomberg News director covering geopolitics and energy. They unpack Iran-related strikes and immediate energy market shock. They discuss regional fuel disruptions, impacts on petrochemicals and industrial feedstocks. They also cover inflation risks from oil and how investors hedge amid sudden crises.
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Iran May Treat Energy Infrastructure As Fair Game
- Iran will view strikes on its domestic gas field as a signal the global energy system is fair game, raising risk to refineries, export terminals, and the Strait of Hormuz.
- Will Kennedy notes gas hit was domestic but warns escalation could intensify attacks that ripple through diesel, jet fuel, and refining markets.
Energy Disruptions Are Already Rippling Through Economies
- Energy disruptions are already unevenly hitting markets: $5 diesel in the US, fuel rationing in Vietnam and Thailand, and Japanese refineries cutting runs.
- Will Kennedy highlights knock-on effects to petrochemicals and BASF raising some product prices by ~30%.
Europe Sees Naval Protection Of Hormuz As Unrealistic
- European governments were not consulted on the war and doubt the feasibility of keeping the Strait of Hormuz open by naval force during active conflict.
- Will Kennedy reports Europeans prefer seeking an end to the conflict over an unrealistic naval mission.
