The Ras Laffan LNG Terminal in Qatar holds a fifth of the global LNG supply|Matthew Smith|CC BY 2.0
A series of missile attacks on the world’s largest liquefied natural gas (LNG) export hub located in Qatar has the global energy markets reeling, with oil surging past $115.
European natural gas prices spiked over 20%.
Iranian missile strikes on Wednesday caused “extensive damage” to Ras Laffan Industrial City in Qatar, which holds a fifth of the global LNG supply. A second attack on Thursday morning ignited massive fires at several QatarEnergy facilities.
The escalation follows an Israeli strike on Iran’s South Pars gas field, to which Tehran responded by labeling energy sites in Qatar, the UAE, and Saudi Arabia as “legitimate targets.”
President Donald Trump clarified that the US “knew nothing” of Israel’s attacks and issued a high-stakes warning via Truth Social, threatening to “massively blow up” Iran’s gas field if Qatari energy infrastructure is targeted again. He criticized Iran’s retaliation as unjust and unfair.
Trump also indicated that Israel would refrain from further strikes on Iran’s South Pars.