US pump prices surge as Iran war upends global energy supply

US pump prices have surged as the ongoing US-Israeli war against Iran continues to disrupt global energy supply. Oil prices reached a peak of nearly $120 a barrel on March 9, 2026, as the conflict entered its second week, with Iran launching new retaliatory strikes in the Gulf (Reuters, The Hindu). The escalation of hostilities has raised concerns about the stability of energy markets, prompting Europe to scramble to mitigate the effects of rising energy costs (Reuters). In Qatar, the conflict has led to significant operational changes in the energy sector. QatarEnergy has reduced its workforce at the North Field Expansion liquefied natural gas (LNG) project to below 50 percent due to security concerns related to the war. This project is crucial for increasing Qatar's LNG output to 126 million tonnes per year by 2027. Additionally, Qatar has halted production at its existing LNG facility and declared force majeure on shipments (Middle East Eye). Qatar's Energy Minister, Saad al-Kaabi, has warned that the ongoing conflict could potentially "bring down" the world's economies. He indicated that if the war persists, it could lead to the shutdown of all Gulf energy exporters within days and drive oil prices up to $150 a barrel. Al-Kaabi emphasized that continued hostilities would impact global GDP growth and lead to higher energy prices and shortages of various products (Middle East Eye).