In first week of war on Iran, Gulf states shutter energy production and oil soars

In first week of war on Iran, Gulf states shutter energy production and oil soars Submitted by Sean Mathews on Fri, 03/06/2026 - 22:02 Brent crude rose nearly 30 percent after the US and Israel attacked Iran, with production in Kuwait and Qatar grinding to a halt A plume of black smoke rises from an ongoing fire near fuel depots at the port of Fujairah in the Gulf emirate of Fujairah, on 4 March 2026 (Fadel Senna/AFP) Off Oil prices made a historic surge during the first week of the US-Israeli war on Iran as Gulf states shuttered energy facilities. Brent, the international oil benchmark, has surged 28 percent in the first week of the war, trading at $92. 66 per barrel on Friday.