Iran launched a major retaliatory assault on March 19 against critical energy infrastructure across the Persian Gulf. The strikes targeted facilities in Qatar, Kuwait, the UAE, and a Saudi Arabian refinery in response to an Israeli attack on Iran's South Pars gas field.
Coordinated drone and missile attacks caused the most severe damage at Qatar’s Ras Laffan gas hub. Massive fires at the world's largest gas facility forced an immediate production halt.
Brent crude prices surged toward $119 a barrel following the attacks. European natural gas futures jumped as much as 35%.
QatarEnergy reported the destruction of 17% of its LNG export capacity. Repairs are expected to take three to five years, signaling a prolonged global supply disruption. The U.S. eased oil sanctions on Venezuela to help stabilize soaring prices.