Iran launched missile strikes against Gulf neighbors on March 19. The attack caused extensive damage to Qatar’s Ras Laffan gas facility, the world’s largest LNG hub.
Iran claims the strikes retaliate for an alleged Israeli attack on the South Pars gas field. Intercepted drones and missiles also targeted energy sites in Saudi Arabia and the UAE.
Brent crude futures rose over 3% to exceed $111 per barrel. Oil prices have surged approximately 50% since the conflict began three weeks ago.
The escalation has effectively shut down the Strait of Hormuz. President Donald Trump warned Iran against further attacks on Qatari infrastructure.
The White House announced an easing of oil sanctions on Venezuela to lower domestic fuel costs. Officials also issued a temporary Jones Act waiver to move fuel between U.S. ports.