Iran Attacks Trigger Oil Price Surge and Halt US Oil & Gas Dealmaking

Escalating tensions in the Middle East, following Iranian attacks on energy facilities in Qatar and Kuwait, have sent oil and natural gas prices soaring and brought US oil and gas dealmaking to a standstill. The surge in crude prices is creating uncertainty and paralysis in the market, delaying transactions and impacting industry events like CERAWeek in Houston.

Oil and Gas Prices Spike

Brent crude oil prices surged to nearly $114 per barrel on March 19, 2026, after Iran attacked a key natural gas facility in Qatar and two oil refineries in Kuwait Hindustan Times. The attacks targeted the Ras Laffan terminal, which handles approximately 20% of the world’s liquefied natural gas (LNG) supply Hindustan Times. The European TTF benchmark for natural gas prices rose by 24% on Thursday Hindustan Times. Earlier in the week, Brent crude briefly touched $119 per barrel before settling at $108.65 CNBC.

US Dealmaking Paused

The volatility in crude prices has effectively halted oil and gas dealmaking in the US. Several bankers and lawyers report that transactions have been slowed or put on hold as companies await market stabilization and price certainty Hindustan Times. “Everything has just shut down,” said Bryan Loocke, a partner at Vinson & Elkins specializing in oil and gas M&A Hindustan Times.

CERAWeek Impact and Future Outlook

The upcoming CERAWeek conference in Houston, traditionally a key event for industry dealmaking, is expected to be significantly different this year due to the current uncertainty Hindustan Times. Several disposal processes have been put on hold as companies are unable to obtain reliable bids Hindustan Times.

Despite the current disruption, industry veterans had predicted a busy year for US oil and gas deals, driven by consolidation in the shale patch, rising international demand for US gas, and increased energy demand from the growth of artificial intelligence Hindustan Times. The regulatory environment under the Trump administration, perceived as less stringent than under the Biden administration, may also incentivize companies to close deals before the conclude of the current term Hindustan Times.

Key Takeaways

• Iranian attacks on energy facilities in Qatar and Kuwait have caused a significant surge in oil and natural gas prices.
• The volatility in the market has brought US oil and gas dealmaking to a standstill.
• CERAWeek is expected to be impacted by the current uncertainty.
• Longer-term industry trends, such as shale consolidation and rising demand, could drive dealmaking once the situation stabilizes.