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Recent strikes by Israel and Iran on oil and gas facilities have pushed global energy markets into crisis mode. Damage to major infrastructure, including the South Pars field and a Qatari LNG plant, could remove years of supply and drive prices and inflation higher.
On the 21st day of the conflict, Tehran vows harsher retaliation if energy sites are hit again, Israel hints at a possible ground phase, global fuel prices spike, and diplomatic tensions rise after a controversial White House remark.
A rapid series of strikes and missile launches has hit major oil and gas facilities across the Gulf, damaging Qatar’s LNG hub and putting global gas and oil markets on high alert.
QatarEnergy says attacks by Iran damaged two LNG trains and a gas-to-liquids unit, wiping out 17% of export capacity and forcing possible long-term force majeure on contracts.
Iran attacked energy sites in Qatar, including its main gas facility, saying it was responding to an Israeli strike on Iran's main gas field. Gulf ministers condemned the escalation and urged a halt to the fighting.
A fast-escalating Gulf crisis hits energy infrastructure: Israel struck Iran's South Pars gas field, Iran's fighters hit Qatar's Ras Laffan, oil prices jump, and the US threatens heavy retaliation. Regional tensions rise as Saudi, Kuwait, China and Western capitals react.
The FIA World Endurance Championship delays its Qatar race due to regional instability, shifting the season start to Imola.