Oil Prices Retreat as Leaders Seek to Calm Markets

Brent crude falls back from Thursday's close, though prices remain elevated amid attacks on Middle Eastern energy infrastructure

Mar. 20, 2026 at 9:38am

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Oil prices edged lower and stocks reversed some of Thursday's losses as U.S. officials sought to calm markets and Israeli Prime Minister Benjamin Netanyahu suggested Israel would refrain from future strikes against Iranian oil fields. Brent crude fell back from Thursday's close, the highest since July 2022, though prices held close to $107 a barrel. Qatar said damage to its Ras Laffan liquefied-natural-gas facilities wiped out 17% of the country's export capacity and would take three to five years to repair. A Kuwait oil refinery was also struck in a drone attack as attacks on Middle Eastern energy infrastructure continued.

Why it matters

The escalation of attacks on energy assets in the Middle East has significant implications for not just near-term oil exports from the region, but also longer-term oil production capacity. This has kept the risk premium high, leading to elevated oil prices that could impact the global economy.

The details

Brent crude fell 1.6% to $106.92 a barrel, while WTI fell 1.5% to $91.57 a barrel, though the international oil benchmark is on track for a weekly gain of 5%. European natural-gas prices are poised for a weekly gain of roughly 20% as the market prices in a longer supply disruption. U.S. stock futures mostly edged higher after dipping into the red earlier, with FedEx shares jumping over 10% premarket after the shipping company raised its outlook for the year.

  • On Thursday, oil prices hit their highest level since July 2022.

The players

Benjamin Netanyahu

The Prime Minister of Israel who suggested Israel would refrain from future strikes against Iranian oil fields.

Qatar

A country that said damage to its Ras Laffan liquefied-natural-gas facilities wiped out 17% of its export capacity and would take three to five years to repair.

Kuwait

A country where an oil refinery was struck in a drone attack as attacks on Middle Eastern energy infrastructure continued.

FedEx

A shipping company that raised its outlook for the year in earnings released after the bell on Thursday.

Super Micro Computer

A company whose shares plummeted just shy of 20% premarket after a Justice Department indictment accused two employees and a contractor of wrongfully selling billions of dollars' worth of artificial-intelligence-powered servers to China.

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What’s next

The judge in the case against the Super Micro Computer employees and contractor will decide on Tuesday whether or not to allow them out on bail.

The takeaway

The continued attacks on energy infrastructure in the Middle East have kept oil prices elevated, with significant implications for the global economy. This highlights the need for diversification of energy sources and increased investment in renewable alternatives to reduce reliance on volatile fossil fuel supplies.