Qatar’s LNG output accounts for about 20% of world provide and is crucial to balancing demand in Asian and European markets. The halt got here as regional assaults entered a 3rd day, additionally forcing the suspension of operations at Saudi Arabia’s largest home oil refinery, most oil manufacturing in Iraqi Kurdistan and a number of other Israeli fuel fields, disrupting exports to Egypt.
State-owned QatarEnergy was getting ready to declare pressure majeure on LNG shipments after Iranian drone strikes focused services on the Ras Laffan industrial advanced, house to the nation’s huge gas-processing trains. Drones additionally struck the Mesaieed industrial zone in southern Qatar, which homes petrochemical and manufacturing services.
Pure fuel costs surged, with Europe’s benchmark Dutch TTF front-month contract rising 46%, whereas oil jumped as a lot as 13% intraday to above $82 a barrel – the very best since January 2025 – as delivery by way of the Strait of Hormuz slowed sharply. About one-fifth of world oil provide passes by way of the important waterway.
Saudi Aramco’s 550,000-barrel-per-day Ras Tanura refinery was partially shut as a precaution after drones have been intercepted on the web site, with particles inflicting a restricted fireplace however no accidents, Saudi authorities mentioned. Gas provides to home markets weren’t affected.
In Iraqi Kurdistan, producers together with DNO, Gulf Keystone Petroleum, Dana Fuel and HKN Vitality halted output – round 200,000 barrels per day exported through Turkey – as a precaution, although no injury was reported. Offshore Israel, Chevron briefly shut the Leviathan fuel subject, whereas Energean halted manufacturing at smaller fields. Chevron mentioned its services remained protected.
Explosions have been additionally reported at Iran’s Kharg Island, which handles about 90% of the nation’s crude exports, although the extent of injury was unclear. Iran produces roughly 3.3 million barrels per day of crude, plus 1.3 million barrels per day of condensate and different liquids.Analysts mentioned the strike on Saudi Arabia’s Ras Tanura refinery marked a big escalation, inserting Gulf vitality infrastructure straight within the battle’s crosshairs.
