Iran launched retaliatory strikes on major energy facilities in the Gulf on Thursday. The attacks targeted Qatar’s Ras Laffan terminal, which supplies approximately 20% of the world’s LNG. At least two major oil refineries in Kuwait were also hit during the operation.
The escalation follows an alleged Israeli attack on Iran’s South Pars gas field. Brent crude prices surged to a range between $114 and $116 per barrel. European natural gas futures jumped by 24% following the news.
This disruption to physical supply represents a critical phase of the conflict beyond previous shipping hindrances. The event significantly impacts the VDE ETF due to its heavy weighting in ExxonMobil and Chevron. Rising energy prices directly boost revenue and profit margins for these integrated oil giants.