Iran launched drone and missile strikes against energy infrastructure in Qatar, Kuwait, and Saudi Arabia on Thursday. The attacks targeted Qatar’s Ras Laffan liquefied natural gas complex and oil refineries in Kuwait. A Saudi refinery on the Red Sea also sustained hits during the retaliatory escalation.
The strikes followed an earlier Israeli attack on Iran’s South Pars gas field. Large fires and facility shutdowns occurred across sites in Qatar and the UAE. These assaults directly targeted the operational assets of major energy-producing states.
Brent crude prices surged past $115 a barrel following the news. This represents a price increase of more than 50% since the conflict began. European natural gas futures also recorded significant gains.
The closure of the Strait of Hormuz has already strained global energy supplies. Analysts warn of a sustained period of high prices and a potential global inflation shock. The strikes hit critical components of the global energy plumbing system.