Energy markets jump
Oil and gas prices spiked after Iran struck a major Qatari liquefied natural gas facility following Israeli strikes on a gas field, reviving fears of a broader regional energy crisis. (businessinsider.com) The escalation sent shockwaves through markets and raised immediate concerns about LNG supply disruptions and near-term price volatility. (businessinsider.com)
Iranian missiles struck Ras Laffan Industrial City, the Qatari complex that houses the world’s largest LNG export hub, producing fires and what Qatar described as “extensive damage” to processing units. (bloomberg.com) QatarEnergy said it suspended LNG and associated product production on March 2 and posted an official notice that operations at Ras Laffan and Mesaieed had ceased because of military attacks. (qatarenergy.qa) QatarEnergy CEO Saad al‑Kaabi told Reuters that two of the country’s 14 LNG trains and one gas‑to‑liquids unit were damaged, removing roughly 17% of Qatar’s export capacity — about 12.8 million tonnes per year — with repairs expected to take three to five years. (bloomberg.com) The company has declared force majeure on shipments and said production cannot restart until hostilities cease, a move that threatens long‑term contract deliveries for buyers across Europe and Asia. (cnbc.com) Brent crude futures briefly climbed above $119 a barrel on March 19 as energy infrastructure was struck, while Europe’s TTF gas benchmark surged as much as 35%, briefly trading near €74/MWh. (apnews.com) Market analysts and S&P Global reporting say the outage at Ras Laffan — which supplied about one‑fifth of global LNG before the stoppage — and disrupted shipping through the Strait of Hormuz have wiped the projected 2026 LNG surplus and left markets pricing a tighter supply balance into 2027. (bloomberg.com)
