Iranian attacks have severely damaged 17% of Qatar’s liquefied natural gas (LNG) export capacity, potentially sidelining 12.8 million tons per year of LNG for three to five years, according to QatarEnergy CEO Saad al-Kaabi. The CEO revealed that two of Qatar’s 14 LNG trains and one of its two gas-to-liquids (GTL) facilities were damaged in unprecedented strikes, which he described as an attack by a “brotherly Muslim country” during Ramadan. The damage is expected to result in an estimated $20 billion in annual revenue losses and disrupt supplies to Europe and Asia. Al-Kaabi stated that QatarEnergy will declare force majeure on long-term LNG contracts for up to five years, affecting shipments to Italy, Belgium, South Korea, and China. The damaged facilities, which include LNG trains S4 and S6, are owned in part by U.S. oil giant ExxonMobil, which holds 34% and 30% stakes in the affected units, respectively. The CEO emphasized that repairs will require hostilities to cease, with some facilities taking up to a year to restore. The attacks have also impacted Qatar’s exports of condensate, liquefied petroleum gas (LPG), helium, naphtha, and sulfur, with reductions of 24%, 13%, 14%, and 6% respectively. These losses affect industries ranging from Indian restaurant sectors reliant on LPG to South Korea’s chipmakers using helium. The damaged facilities, which cost approximately $26 billion to build, have delayed Qatar’s North Field expansion project by more than a year. Al-Kaabi criticized the geopolitical tensions, stating that the attacks on Gulf oil and gas infrastructure are a regional issue between Iran and Israel, urging all nations to avoid targeting energy facilities. He warned that the damage has set the region back 10 to 20 years, damaging Qatar’s reputation as a safe haven.#iran #qatar #qatarenergy #saad_al_kaabi #exxonmobil
Oil prices cross $100 — what lies ahead as the Middle East crisis intensifies? The Middle East crisis has intensified uncertainty in global oil markets, with prices hovering near record highs despite recent dips. Brent crude and US crude have remained above $100, reflecting ongoing disruptions to supply chains caused by the conflict. Prices dipped slightly on Friday, but the $100 threshold remains intact, driven by damaged infrastructure and restricted flows through the Strait of Hormuz. Brent crude fell 0.1% to $108.5 per barrel, while US crude stayed near $95.6, underscoring the persistent impact of the crisis. Analysts warn that the current price levels could persist for an extended period, especially if supply disruptions continue. Goldman Sachs has cautioned that prolonged outages may keep oil prices elevated beyond the immediate term. The firm’s analysts noted that historical supply shocks suggest oil prices could remain above $100 for years, particularly if disruptions last longer than expected. In a severe scenario, where oil flows remain restricted for over two months and production recovers slowly, Brent crude could reach $111 per barrel by late 2027. However, a more optimistic outlook, assuming gradual restoration of flows starting in April, could see prices drop to the $70 range by the end of 2026. The US Energy Information Administration (EIA) projects a similar trajectory, with Brent crude staying above $95 in the near term before declining to around $80 in the third quarter of 2026 and settling at $70 by year-end. The EIA also forecasts an average price of $64 per barrel in 2027, though these projections hinge on the duration of the conflict and the pace of supply recovery. The crisis has already begun to ripple through the energy sector.#strait_of_hormuz #united_airlines #qatarenergy #goldman_sachs #us_energy_information_administration
Iran’s Revolutionary Guards announced on March 20, 2026, that U.S.-Israeli strikes had killed their spokesman, Ali Mohammad Naini, describing the attack as a “criminal cowardly terrorist act” by the “American-Zionist side.” The Guards’ statement, posted on their Sepah News website, marked the latest escalation in the ongoing conflict. Meanwhile, drone attacks targeted Kuwait’s Mina Al-Ahmadi oil refinery, with Gulf state authorities citing retaliatory measures against Iran. Israel launched airstrikes on Tehran on the same day, coinciding with Iranians celebrating Nowruz, the Persian New Year. The attacks, described by the Israeli military as targeting “infrastructure of the Iranian terror regime,” came amid a war that has destabilized the global economy and drawn Arab neighbors into the conflict. Earlier, an Iranian missile strike on Haifa’s oil refineries caused temporary power disruptions but no significant damage, according to Israel’s Energy Ministry. The war’s economic fallout was evident in energy markets. Dutch wholesale gas prices fluctuated on March 20, with the TTF hub trading around 61.88 euros per megawatt-hour, after surging to a 2023 high the previous day. QatarEnergy reported that missile strikes on its Ras Laffan LNG facilities had damaged 17% of its export capacity, potentially delaying the North Field LNG expansion. Analysts warned that the attacks could prolong energy shortages and reshape global pricing for years. Iran’s Foreign Minister, Abbas Araghchi, condemned U.S. use of British bases, calling it “participation in aggression” against Iran. The call with British Foreign Secretary Yvette Cooper remained unconfirmed in timing.#qatarenergy #iran_revolutionary_guards #israeli_military #ali_mohammad_naini #kwait_mina_al_ahmadi
Not just energy: How the Iran war could trigger a global food crisis The ongoing conflict in Iran has disrupted global oil supplies, but experts warn that the crisis extends beyond energy. A severe shortage of fertiliser, critical for food production, is emerging as a major threat to global food security. The disruption of shipping through the Strait of Hormuz, a key oil and gas transit route, has already caused oil prices to spike, but the broader impact on fertiliser availability is raising alarms among farmers and analysts worldwide. The closure of the Strait of Hormuz, announced by Iran’s Islamic Revolutionary Guard Corps on March 2, has led to a sharp increase in oil prices, surpassing $100 per barrel. However, the real danger lies in the fertiliser supply chain. Nearly half of the world’s urea, the most commonly used fertiliser, is exported from Gulf countries through this route. Disruptions in gas supplies and shipping have forced fertiliser plants in the Gulf and beyond to reduce or halt production. For example, Qatar’s state-run energy firm, QatarEnergy, shut down its largest urea plant after gas output was cut following an attack on its LNG facilities. India and Bangladesh have also scaled back fertiliser production, exacerbating the global shortage. The US is already facing a 25 percent shortfall in fertiliser supply for this time of year, while urea export prices from the Middle East have surged by 40 percent, reaching over $700 per metric tonne. This marks a 60 percent increase compared to the same period last year. The Gulf region produces 20 percent of the world’s fertiliser, with 46 percent of global urea coming from the area. Qatar’s Qatar Fertiliser Company (QAFCO), the world’s largest urea supplier, alone accounts for 14 percent of global urea production.#strait_of_hormuz #qatar #qatarenergy #iran_islamic_revolutionary_guard_corps #qatar_fertiliser_company_qafc
Oil and gas prices rise after gas field strike Oil prices surged to nearly $110 a barrel after Iranian media reported an airstrike targeting a facility on the world's largest natural gas field, the South Pars gas field. The Brent crude oil benchmark reached $109.91 a barrel shortly after 14:30 GMT, marking a more than 5% increase from Tuesday’s levels. It remained above $108, though still below the peak of $116.78 seen on 9 March. The UK gas price also climbed by 6% to 143.53p a therm before retreating below the 140p mark. The price spike followed reports that Iran’s petrochemical complex on the South Pars field had been hit. Hours later, Qatar confirmed "extensive damage" at its Ras Laffan industrial site, which hosts facilities on the same field. While oil and gas prices rose sharply, they remained below earlier highs amid the conflict. Iran’s oil ministry stated that a fire at the petrochemical complex was under control, according to Tasnim, a news agency linked to the Islamic Revolutionary Guard Corps. Iran’s military warned of "decisive action" in response to the strike, vowing to retaliate against the "American-Zionist enemy" if its energy infrastructure is attacked. The military emphasized that targeting such infrastructure would be "legitimate" and that it would strike the "origin of that aggression" swiftly. Qatar, which operates facilities on the gas field under the name North Dome, had previously halted production in March due to the conflict. Qatar’s foreign ministry spokesman, Majed Al Ansari, called strikes on energy infrastructure a "threat to global energy security." Shortly after 1815 GMT, Qatar’s interior minister announced a fire at Ras Laffan following an Iranian attack.#iran #qatar #qatarenergy #south_pars_gas_field #ras_laffan
Missiles strike energy facilities in the Middle East Recent conflicts in the Middle East have either spared energy infrastructure or caused limited damage. That isn't the case in the U.S.-Israeli war with Iran. Members of the Israeli security forces checked the remains of an Iranian ballistic missile near Qatzrin, Golan Heights, Israel. The Middle East conflict has escalated, with energy facilities now under attack. Unlike past conflicts, this war has seen strikes on major oil refineries and liquefied natural gas (LNG) facilities across multiple countries. New drone strikes hit a major oil refinery in Bahrain on Thursday, according to the Bahrain News Agency. Iran is accused of launching the attacks, though the country has blamed Israel for hitting a Saudi Arabian refinery. In less than a week, energy infrastructure in at least six countries has been targeted. Refineries in Bahrain, Kuwait, Qatar, Saudi Arabia, and the United Arab Emirates have reported damage. Qatar’s Ras Laffan LNG facility, the world’s largest, was also struck. State-owned QatarEnergy halted production after the attack and declared force majeure, a legal term excusing the company from contractual obligations. This disruption could delay LNG shipments to Asia and Europe for weeks. Israel has also paused some offshore natural gas production. Global LNG supply chains are facing unprecedented strain. About a fifth of the world’s LNG comes from Qatar, a key supplier to Asian and European markets. While oil markets are oversupplied, natural gas and LNG remain tight, especially as winter ends in the Northern Hemisphere and storage levels in Europe remain low. Experts warn the impact of these strikes could rival the effects of Russia’s 2022 invasion of Ukraine.#iran #israel #qatar #bahrain #qatarenergy
Five Ways the Iran Conflict Could Affect You - In Charts The escalating conflict involving Iran has triggered a cascade of consequences that extend far beyond the Middle East, impacting global energy markets, shipping routes, and everyday consumer costs. As tensions rise, concerns are mounting about how everyday life could be affected, from fuel prices to grocery bills. Here are five key ways the conflict might shape daily life. Petrol and diesel prices have already begun to climb as disruptions in oil and gas production and transportation across the region have slowed or halted operations. In the UK, the average cost of petrol reached 132.14p per litre, while diesel averaged 142.15p per litre, according to recent data. The RAC reported a 3p increase in petrol prices and a 5p rise in diesel prices between Saturday and Thursday. In the US, petrol prices rose by about 23 cents per gallon, and diesel prices increased by 41 cents over the same period. These increases, while notable, remain below the sharp spikes seen during the 2022 Russia-Ukraine war, when UK petrol prices surged by over 43p per litre and US prices peaked at more than $5 per gallon. The crisis has also led to a dramatic rise in UK gas prices, which have nearly doubled in less than a week. The benchmark gas price surpassed 165p per therm on Tuesday, a level not seen since the start of the Ukraine war. While this is significantly lower than the 600p per therm peak in 2022, the UK government’s energy price cap remains at its current level until July. If gas prices continue to rise, the cap could increase, leading to higher energy bills for households. Shipping costs are also on the rise, with the Strait of Hormuz—critical for global oil and fertiliser transport—experiencing near-complete blockages.#strait_of_hormuz #iran_conflict #uk_petrol_prices #us_petrol_prices #qatarenergy
Stock markets and oil prices still volatile over fears Iran war may drag on UK and US stock markets rose while Asian indexes fell on Wednesday as oil and gas prices remained volatile amid concerns the US-Israel conflict with Iran could prolong. The FTSE 100 and major European indices climbed after two days of declines, while Asian markets continued to drop for a third straight day. Oil and gas prices fluctuated but remained elevated compared to pre-conflict levels, driven by disruptions in shipping through the Strait of Hormuz, a critical waterway near Iran. Experts warned that sustained high energy prices could push up inflation, with David Miles, a member of the Office for Budget Responsibility, noting that prolonged elevated oil and gas costs could increase UK inflation by around 1% if prices stayed at current levels. However, he emphasized that these impacts would be less severe than those seen after Russia’s invasion of Ukraine four years ago. Brent crude prices had surged 12% since the conflict began, with Saudi Arabia’s defense ministry reporting an attempted drone attack on its Ras Tanura oil refinery, the second such incident this week. QatarEnergy, the world’s largest LNG producer, suspended production, exacerbating supply concerns. The UK’s gas price has risen over 60% since the conflict started, reaching 128p per therm by Wednesday’s close, below its earlier peak of 170p. The Strait of Hormuz, which typically handles about a fifth of global oil and gas traffic, saw near-complete shipping halts after Iran threatened to attack vessels. Lloyd’s List Intelligence reported over 200 tankers stranded, with insurance premiums for American, British, and Israeli vessels spiking.#brent_crude #strait_of_hormuz #qatarenergy #lloyd_s_list_intelligence
India and Europe face worsening fuel shortages as Gulf gas supplies face disruptions amid escalating tensions in the Middle East. The crisis has been intensified by Qatar’s suspension of liquefied natural gas (LNG) production following a drone attack, which has sent global gas prices soaring and forced major energy companies to adjust their supply strategies. Industry insiders revealed that India’s top LNG importer, Petronet LNG Ltd, has notified state-owned gas marketing company GAIL (India) and other firms about reduced supply volumes. Cuts range from 10 to 30 percent, according to sources, as companies seek to avoid penalties under contractual terms. GAIL and Indian Oil Corp (IOC) informed customers of the supply reductions late Monday, prompting adjustments in their operations. India, the world’s fourth-largest LNG buyer, relies heavily on Middle Eastern imports, with Abu Dhabi National Oil Company and Qatar being its primary suppliers. The country’s reliance on these sources has now been tested as QatarEnergy, the world’s largest LNG producer, halted production after attacks on its facilities in Mesaieed Industrial City and Ras Laffan. The company declared force majeure, citing extraordinary circumstances beyond its control, to exempt itself from contractual obligations. The disruption has exacerbated global LNG supply shortages, with Qatar’s exports accounting for 20 percent of the global market. Reduced availability has driven prices to record highs, while spot tenders are being issued by companies like IOC, GAIL, and Petronet LNG to mitigate the shortfall. However, rising freight and insurance costs have further strained the market. Meanwhile, European gas prices have surged, with the Dutch TTF benchmark contract jumping over 33 percent on Tuesday, following a nearly 40 percent spike the previous day.#qatar #qatarenergy #indian_oil_corp #gail_india #petronet_lng_ltd
Drone Attack Targets UAE's Musaffah Fuel Tank Terminal, No Operational Impact A fire broke out after the Musaffah fuel tank terminal in the United Arab Emirates was struck by a drone, according to Abu Dhabi media office statements. The incident did not disrupt operations at the facility, which is managed by Abu Dhabi National Oil Company. Authorities swiftly contained the situation, with no injuries reported. The Musaffah terminal, a key hub for fuel distribution, operates a facility from which fuel is transported by trucks. A 1,600-kilometre pipeline network also delivers finished products across Abu Dhabi. The attack followed a 2022 incident in which Yemen’s Iran-aligned Houthis targeted the same facility during their conflict with the Saudi-led coalition. The drone strike at Musaffah occurred amid a broader escalation of attacks in the region. Earlier on Monday, Saudi Arabia’s state oil company Aramco shut down its Ras Tanura refinery after it was hit by a drone. This incident marked an apparent escalation of strikes attributed to Tehran, in response to a U.S.-Israeli attack on Iran. QatarEnergy also announced a halt in LNG production and related activities due to attacks on facilities in Ras Laffan. The company cited security concerns stemming from the ongoing regional tensions. The incidents highlight the growing vulnerability of critical infrastructure to drone attacks, raising concerns about the stability of energy operations in the Middle East. While the UAE’s Musaffah terminal remained operational, the broader context of targeted strikes underscores the heightened risks faced by energy sectors in the region.#qatarenergy #abu_dhabi_media_office #abu_dhabi_national_oil_company #musaffah_fuel_tank_terminal #yemen_houthis
US-Israel-Iran War Disrupts Oil Supplies: India Prepares for Economic Fallout India is intensifying efforts to secure alternative energy sources and implement emergency measures to mitigate the risk of fuel shortages amid escalating tensions in the Middle East. The conflict in West Asia, particularly the disruption of the Strait of Hormuz—a critical maritime route for oil and goods—has raised concerns about the stability of global energy supplies. Refiners are already exploring options to offset potential supply gaps, including sourcing crude oil from Russia and adjusting domestic fuel distribution strategies. The Indian government is considering a range of measures to ensure energy security. These include curbing exports of petrol and diesel to prioritize domestic needs, ramping up crude oil purchases from Russia, and implementing demand-side controls such as rationing liquefied petroleum gas (LPG) supplies. While officials and oil firms maintain that there is no immediate scarcity, the situation remains volatile. Refiners have begun seeking alternative crude sources to replace supplies affected by the conflict, with discussions underway to secure additional capacity amid fears of a prolonged blockade. India’s reliance on imported energy is a key vulnerability. The country depends on overseas purchases for nearly 90% of its crude oil, with approximately 60–65% of its LPG and 60% of its liquefied natural gas (LNG) requirements met through imports. A significant portion of these supplies originates from West Asia and transits through the Strait of Hormuz, which is now under threat due to the ongoing conflict. The geopolitical instability has already driven up global oil and gas prices, increasing India’s import bill and exacerbating inflationary pressures.#us #iran #india #strait_of_hormuz #qatarenergy
Gas prices soar as QatarEnergy halts LNG production after Iran attacks Qatar’s state-run energy firm, QatarEnergy, announced it has suspended liquefied natural gas (LNG) production following Iranian attacks on its facilities, triggering a sharp rise in gas prices across Europe and Asia. The decision comes amid heightened tensions in the region, as Saudi Arabia also reported a drone attack on its Ras Tanura oil refinery, which temporarily halted operations. QatarEnergy stated in a Monday statement that the attacks on its facilities in Ras Laffan Industrial City and Mesaieed Industrial City forced the halt in LNG production. The company confirmed that two drones launched from Iran targeted its infrastructure, with one striking a water tank at a power plant in Mesaieed and the other hitting an energy facility in Ras Laffan. No casualties were reported, though the extent of damage remains under assessment. The attacks coincided with a surge in global energy prices. Benchmark Dutch and British gas prices jumped nearly 50 percent, while Asian LNG prices rose almost 39 percent. The Dutch TTF natural gas contract, a key European price indicator, climbed over 25 percent in the morning, reaching 39.40 euros per megawatt hour. Asian LNG benchmarks, such as the S&P Global Energy Japan Korea Marker (JKM), also saw significant gains, hitting $15.068 per million British thermal units. Saudi Arabia’s Ministry of Defence reported that two drones attempted to attack the Ras Tanura refinery, a critical oil processing facility near Dammam. A small fire broke out after the drones were intercepted, but the refinery sustained limited damage. The facility, capable of processing 550,000 barrels of oil per day, is a cornerstone of Saudi Arabia’s energy sector.#iran #qatarenergy #ras_laffan_industrial_city #mesaieed_industrial_city #ras_tanura_refinery
