Iran Strikes Qatar's Ras Laffan Gas Plant; IEA Warns of 'Largest Oil Supply Disruption in History'
Iran struck Qatar's Ras Laffan LNG facility, cutting output by 17 percent for up to five years, as the IEA declared the Middle East conflict the largest oil supply disruption in market history.
Sercan Roni
Iran struck Qatar's Ras Laffan LNG facility on Friday, cutting approximately 17 percent of the plant's output for a period the CEO of QatarEnergy said could last between three and five years. The attack followed Israel's strike on Iran's South Pars gas field — a move that triggered Tehran's threat of "zero restraint" on energy targets across the Gulf.
With Qatar supplying roughly 20 percent of global liquefied natural gas, the disruption is expected to force force majeure declarations on some contracts to Belgium, Italy, South Korea and China. Qatar's prime minister and Turkey's foreign minister held a joint news conference condemning the attack as a "dangerous escalation" by Iran.
The International Energy Agency issued its starkest warning yet on Friday. "The war in the Middle East is creating a major energy crisis, including the largest supply disruption in the history of the global oil market," said IEA Executive Director Fatih Birol. The IEA warned that it could take months or even years to restore oil and gas flows from the region.
Oil prices surged in response, with Brent crude hitting new multi-year highs. Wall Street fell sharply, with the S&P 500 losing 1.5 percent. Analysts at Moody's Analytics warned that if US gasoline prices exceed $4 a gallon and remain there for six months, the average household will spend approximately $750 more on energy and related goods during that period — a burden that falls disproportionately on lower-income families.
Trump told reporters Thursday that he had complained directly to Israeli Prime Minister Netanyahu about the South Pars strike, urging Israel to avoid future attacks on Iranian energy infrastructure. In a Truth Social post, Trump claimed the US "knew nothing" about the Israeli strike in advance.
Saudi Arabia, Kuwait and the UAE also reported fresh Iranian drone and missile attacks on their energy sites on Friday, with all three countries' air defenses responding throughout the night.
