Crude oil prices surged by as much as 3% today, after Iran launched attacks on several energy facilities, including the largest LNG facility. Brent crude futures increased by $3.69, to $111.07, while US West Texas Intermediate (WTI) crude rose by $2.29, or 2.38%, to $98.61.
Qatar Energy stated on Wednesday that Iranian missile strikes on Ras Laffan—the hub of Qatar’s key LNG processing facilities—caused “extensive damage” to its energy infrastructure.
The United Arab Emirates also halted some energy operations after debris from intercepted missiles caused incidents at the Habshan gas facilities and the Bab oil field.
Meanwhile, Saudi Arabia reported intercepting and destroying four ballistic missiles aimed at Riyadh on Wednesday, along with thwarting a drone attack targeting a gas facility.
Iran had earlier issued evacuation warnings for multiple oil installations across Saudi Arabia, the UAE, and Qatar, ahead of its retaliatory strikes following attacks on its own energy infrastructure in South Pars and Asaluyeh.
South Pars, located in Iran, is part of the world’s largest natural gas field, shared with Qatar across the Gulf.
