Fuel prices at a gas station in California on March 18, 2026.Image: keystone
The latest developments in the Iran war are causing the stock markets to continue to fall. The price of oil, on the other hand, is moving in the other direction.
Mar 19, 2026, 7:44 a.mMar 19, 2026, 7:45 a.m
The reason for the stock market losses is precisely the further rise in oil prices. After attacks on Iranian gas industry facilities in the world’s largest gas field, Iran threatened to attack gas fields and refineries in Gulf states in its war with Israel and the USA. On Wednesday evening and Thursday night, the country made good on its threat and attacked Qatar gas facilities.
The Qatari government then reported major damage, particularly to the liquefied natural gas plant in Ras Laffan, one of the largest and most important in the world. Qatar is one of the largest gas producers in the world and plays a key role in the global supply of liquefied natural gas. In response to
The current developments in the live ticker:
The price for a barrel of Brent crude oil, which had already climbed steadily the previous day, is now at a level of around 112 US dollars. This year’s peak value at the beginning of the second week of the war was just under $120.
The fact that the situation is currently developing towards further escalation rather than relaxation increases concerns about the economic consequences of the war. Several countries in Asia and most recently in Europe have already announced savings measures or decided on price limits for the purchase of fuel.
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US Federal Reserve focuses on the risk of inflation
The US Federal Reserve also commented on this following its interest rate meeting the evening before. As expected, the Fed left interest rates unchanged, but Fed Chairman Jerome Powell emphasized at a press conference that higher energy prices will drive up inflation in the short term. And if inflation does not weaken as desired, there are no reasons to cut interest rates.
US President Donald Trump is essentially shooting himself in the foot with the war and its effects: He has been calling for further interest rate cuts for months and often attacks Fed Chairman Powell below the belt because he does not bow to the pressure. But the war initiated by Trump gives Powell even fewer arguments for rapid interest rate cuts.
The SMI also suffers
In IG Bank’s pre-market trading, the SMI was down 1.4 percent compared to Wednesday’s closing level and stood at around 12,590 points. The day before, after a slow start, the SMI had already fallen by 1.5 percent. The last time the local leading index was at its current level was in November 2025.
On the foreign exchange market, the US dollar had recently gained momentum against the franc and is currently trading at 0.7929 francs. However, precious metals have also come under pressure. The price for a troy ounce of gold is currently around 4,830 US dollars, which is well below the 5,000 mark. The ounce of silver is at 74.90 US dollars; immediately before the outbreak of the Iran war, the price was well over 90 dollars.
(con/sda/awp)