World Business Report Gas prices soar after strikes on energy facilities in Qatar and Iran
Mar 19, 2026
Susanna Streeter, Chief Investment Strategist at Wealth Club, provides market and macro analysis on recent energy shocks. She breaks down how damage in Qatar sent oil surging and rattled markets. She explores why Asia is most exposed, which countries are hardest hit, and what higher energy costs mean for interest rates and local economies.
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Immediate Market Shock From Qatar Facility Damage
- Qatar's liquefied natural gas damage sent oil to $119 a barrel and pushed European gas up 35%, triggering sharp stock market falls.
- Susanna Streeter linked the spike to 17% export capacity damage and rapid investor fear hitting indices like the FTSE 100 and DAX.
Asia Vulnerable Despite Strategic Reserves
- Asia faces a big shock because major importers like South Korea get over 70% of their oil from the Gulf, though strategic reserves cushion short shocks.
- Alicia Garcia‑Herrero warned the scale depends on how long LNG and refinery disruptions persist, and today suggests it's not temporary.
Refining Capacity Drives Local Pain
- Countries with limited refining capacity like the Philippines, Thailand, India and Vietnam are hit harder because they import refined products including cooking oil and jet fuel.
- Alicia Garcia‑Herrero stressed refining shortfalls, not just crude imports, create direct household impacts.