Iran launched retaliatory missile and drone strikes on March 19. The attacks targeted critical energy infrastructure in Qatar, the UAE, Saudi Arabia, and Kuwait. Fires caused extensive damage at Abu Dhabi facilities and Ras Laffan, the world’s largest LNG hub.
State-owned QatarEnergy halted all LNG production following the assault. The effective closure of the Strait of Hormuz blocked a transit route for 20% of global oil. Brent crude prices surged toward $120 per barrel.
European natural gas futures jumped as much as 35%. The U.S. signaled it may lift sanctions on Iranian and Russian oil to stabilize markets.