Strikes on Qatar LNG have affected global oil prices – media

Strikes on energy infrastructure in the Persian Gulf have sharply increased oil and gas prices and could trigger a worst-case scenario for the global fuel market.

This is reported by Bloomberg.

Analysts warn that the escalation of the conflict has already changed the balance in the market. Brent oil has risen sharply: on March 18, it exceeded $111 per barrel for the first time, and the next day it approached $119.

Haris Khurshid, chief investment officer at Karobaar Capital LP, said the market is underestimating the scale of the risk. He said that in the event of further shocks, the $120 price point would not be a limit, but only a starting point.

The biggest blow came at the Ras Laffan industrial complex in Qatar, a key center for the world’s liquefied natural gas production. Iran attacked the facility twice in 12 hours.

State-owned QatarEnergy confirmed significant damage to several plants and large-scale fires. Experts estimate that recovery could take months, and in the worst-case scenario, the complex will not resume operations even in 2026.

Shell’s Pearl gas processing plant was also damaged – the fire was extinguished, and no personnel were injured.

Analysts say that while most Middle Eastern LNG is shipped to Asia, disruptions will hit prices worldwide. U.S. gas futures have already risen 6.5% in a day.

Rabobank energy strategist Florence Schmidt said the attacks confirm the threat of major supply disruptions in the coming months, with infrastructure recovery likely to take longer as damaged production facilities will be out of action much longer than pipelines.

It was previously reported that on March 19, Iran attacked one of the key oil refineries in Saudi Arabia.

As a reminder, one of the world’s largest natural gas producers, QatarEnergy, completely stopped production after strikes by Iranian “shaheeds”.