Oil prices surged 10% on Thursday after Qatar reported extensive damage to major liquefied natural gas facilities following strikes attributed to Iran, intensifying fears over global energy supply disruptions, reports AFP.
European natural gas prices also jumped 35% after attacks on Qatar’s Ras Laffan LNG complex, one of the world’s largest energy hubs, prompted concerns about the stability of critical supply routes.
Qatar said its energy infrastructure sustained “sizeable fires and extensive further damage” following two waves of strikes. The country is a leading global exporter of liquefied natural gas, alongside the United States, Australia and Russia.
Energy markets had already been under pressure due to disruptions in shipping through the Strait of Hormuz, a key transit route for roughly one-fifth of the world’s oil and LNG supplies.
Analysts warned that attacks targeting production facilities mark a significant escalation compared with earlier strikes on storage or transport assets, raising the risk of longer-term supply constraints.
The escalation comes amid ongoing conflict involving Iran and Israel, which has increasingly drawn in regional energy infrastructure. Some Gulf states have reported additional incidents, including drone strikes affecting facilities in Saudi Arabia and Kuwait.
Saudi authorities said they reserved the right to respond militarily after repeated attacks, while confirming damage from a drone strike on a refinery in Yanbu is being assessed.
Global reactions have warned of broader consequences. French President Emmanuel Macron cautioned that further destruction of energy production capacity could have lasting economic impacts and called for direct negotiations between the United States and Iran.
Energy experts say the targeting of major production hubs, particularly in Qatar’s Ras Laffan complex, represents a turning point that could reshape global energy markets if disruptions persist.
The heightened volatility reflects growing concerns that continued escalation could threaten not only regional stability but also the reliability of international energy supplies.
Bd-pratidin English/ Jisan
