Shell shut down its Pearl gas-to-liquids (GTL) plant in Ras Laffan on March 18, 2026. An evening attack on the industrial city caused a fire at the facility. Emergency crews extinguished the fire quickly and all employees are safe.
The Pearl GTL plant is the world's largest facility of its kind. Shell and QatarEnergy are currently assessing damage to the plant and infrastructure. Qatar had already halted liquefied natural gas (LNG) production in early March.
Global gas prices soared over 20% following the disruption. Brent crude oil prices also rose sharply. Shell shares fell 1.3% in pre-market trading. The attack was reportedly an Iranian retaliation for an Israeli strike.