SUMMARY
- Oil prices surge as geopolitical tensions disrupt key energy hubs
- Qatar’s LNG infrastructure damage raises global supply concerns
- Middle East conflict increases volatility in energy markets
Oil prices surged Thursday after Iran launched missile attacks on energy infrastructure across the Middle East, including a major liquefied natural gas facility in Qatar, escalating risks to global supply chains.
The sharp rise in oil prices underscores the vulnerability of global energy markets to geopolitical shocks, as strikes targeting critical infrastructure threaten supply stability across oil and natural gas networks.
Brent crude climbed nearly eight percent to about $115 a barrel, extending gains from the previous session.
US benchmark West Texas Intermediate rose about one percent to $96. European natural gas prices jumped twenty-four percent, more than doubling since late February when the conflict intensified.
QatarEnergy reported “extensive damage” at its Ras Laffan industrial hub after two missile strikes within twelve hours. The site is the world’s largest LNG export facility, making it central to global gas flows, particularly to Asia.
The escalation follows reported strikes on Iran’s South Pars gas field, part of a shared reserve with Qatar, marking a shift toward direct energy sector targeting.
Aditya Saraswat, senior vice president at Rystad Energy, said attacks on Gulf infrastructure could “push oil prices up by at least another $10,” citing supply disruption risks.
Fatih Birol, executive director of the International Energy Agency, said in a statement that “any prolonged outage at major LNG hubs could strain global markets already facing tight supply conditions.”
Prince Faisal bin Farhan, Saudi foreign minister, said refineries in Riyadh were affected during recent attacks. Kuwait Petroleum Corporation confirmed fires at two refineries following drone strikes but said they were contained.
Energy analysts expect continued volatility as regional threats expand to major producers including Saudi Arabia and the United Arab Emirates, with LNG markets particularly exposed.
The latest escalation highlights how targeted attacks on energy infrastructure can rapidly amplify global supply risks, reinforcing the link between geopolitical instability and oil prices surge dynamics.
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