War in the Middle East Oil Prices Hold Steady as Global Stocks Nudge Lower Oil prices remained stable on Friday after the Trump administration attempted to ease market tensions, with prices staying below Thursday’s peak of $119 per barrel. Global stock markets also showed limited movement, with most trading lower despite some regional gains. The week’s oil price surge was driven by renewed attacks on key energy infrastructure in Iran and Qatar, which raised concerns about disruptions to global energy supplies. Brent crude, the global benchmark, fluctuated around $108 per barrel on Friday, having reached a high of $119 on Thursday—a nearly 10% increase. West Texas Intermediate crude, the U.S. benchmark, settled at $95.55, up from $96 earlier in the day. The volatility was further fueled by reports of an airstrike on South Pars, a shared offshore gas field between Iran and Qatar, which damaged Iranian facilities. A Qatari energy firm confirmed that its Ras Laffan Industrial City, a major energy hub, suffered “extensive damage” from missile attacks. Qatari officials attributed the strike to Iran. The Strait of Hormuz, a critical shipping route for oil and gas that handles about one-fifth of the world’s oil supply, has seen halted traffic due to fears of attacks on vessels exiting the Persian Gulf. Gasoline prices rose again, with the national average reaching $3.91 per gallon on Friday, according to the AAA motor club. This marks a 31% increase since the war began. Treasury Secretary Scott Bessent hinted at potential measures to curb prices, including unsanctioning Iranian oil shipments—approximately 140 million barrels—and releasing more oil from U.S. strategic reserves. Diesel prices climbed even more sharply, hitting $5.16 per gallon, a 37% rise since the conflict started.#strait_of_hormuz #trump_administration #jerome_powell #ras_laffan_industrial_city #south_pars
Qatar confirms Iranian missile attack caused fire and damage at key gas facility Qatar’s Ministry of Interior announced on Wednesday that civil defense teams are addressing a fire at the country’s primary gas facility following an Iranian missile attack. The incident occurred at the Ras Laffan Industrial City, a critical hub for QatarEnergy’s liquefied natural gas (LNG) production. In a statement, QatarEnergy reported “extensive damage” resulting from the missile strikes, though it confirmed that all personnel were accounted for and no casualties were reported. The attack comes amid escalating tensions in the region, with Iran warning of further strikes on Gulf oil and gas infrastructure in retaliation for Israeli military actions targeting its South Pars gasfield. Iran’s threats specifically named several facilities, including Qatar’s Mesaieed Petrochemical Complex, Mesaieed Holding Company, and Ras Laffan Refinery, as well as Saudi Arabia’s Samref Refinery and Jubail Petrochemical Complex, and the United Arab Emirates’s Al Hosn Gas Field. Qatar’s Foreign Ministry swiftly condemned the attack, calling it a “brutal” violation of the country’s sovereignty and a direct threat to national security. The ministry emphasized that the assault represents a dangerous escalation in the ongoing conflict involving the United States, Israel, and Iran. The incident follows a previous disruption to Qatar’s energy operations. On March 2, the country temporarily halted LNG production after attacks on its Ras Laffan facility and a water tank at a power plant in Mesaieed Industrial City. This suspension underscored the vulnerability of critical infrastructure in the region amid the broader geopolitical conflict.#iran #ras_laffan_industrial_city #qatar_energy #qatar_ministry_of_interior #qatar_foreign_ministry
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
