Gelled hydrocarbon fracturing fluids and their methods of preparation and use are provided. The gelled hydrocarbon fracturing fluid includes a hydrocarbon fluid, a phosphate ester, a crosslinker and a viscosifier. The crosslinker may include iron, aluminum, or combinations thereof and the viscosifier may include clay, graphite, carbon nanotubes, metallic oxide nanoparticles, and combinations thereof. The method of preparation includes combining a hydrocarbon fluid, phosphate ester, and crosslinker to form a baseline fluid. A viscosifier is added to the baseline fluid to form a gelled hydrocarbon fracturing fluid. The method of use includes treating a subterranean formation by contacting a subterranean formation with a gelled hydrocarbon fracturing fluid and generating at least one fracture in the subterranean formation.