Oil and gas prices have exponentially risen on March 19 after retaliatory attacks by Iran on Gulf energy infrastructure.
Following the strikes, Brent crude significantly surged to 6%, reaching $115 a barrel this morning, while European gas prices spiked to 25–30%, reflecting supply concerns.
Qatar accounts for around 20% of global LNG trade.
The retaliatory strikes followed Israel’s targeted strikes against Iran’s South Pars gas field, the largest of its kind in the world, marking a major escalation of the conflict.
Iran's attack occurred after issuing an evacuation warning identifying Saudi Arabia’s SAMREF refinery and Jubail petrochemical complex, the UAE’s al-Hosn gas field and Qatar’s Mesaieed petrochemical complex and Ras Laffan refinery as targets.
On March 18, QatarEnergy stated Iranian missile attacks on Ras Laffan, the site of Qatar’s main LNG processing operations, caused severe damage to the Pearl GTL facility.
On 19 March, the company confirmed a missile attack on some of its LNG facilities, triggering fires and extensive further damage, prompting immediate emergency response to prevent casualties.
Meanwhile, UAE suspended activity at major gas sites after intercepting a drone, while Kuwait’s Mina Al Ahmadi refinery was striked, triggering a fire.
As per Reuters, Iran’s retaliatory strikes also targeted Saudi Arabia’s SAMREF refinery, though it didn't cause major impact.
The attacks come amid disruption to the Strait of Hormuz, pushing dependence on alternative export routes.
Shortly after reports emerged of a retaliatory strike on Qatar, US President Donald Trump warned Iran of a strong response if it continues to target Qatar’s LNG infrastructure.
According to the industry experts, multiple attacks on key Gulf facilities could disrupt fuel, chemical and LNG supplies simultaneously, with Asia likely to experience a major impact due to their reliance on Qatari gas.
