Middle East Energy Crisis Worsens: Qatar Stops LNG, Saudi Arabia Closes Ras Tanura

Qatar has halted liquefied natural gas (LNG) production and Saudi Arabia temporarily shut down its Ras Tanura refinery as Iranian missile and drone strikes target key Gulf energy infrastructure, deepening fears of a global energy crunch.

The attacks come in retaliation for Israeli and U.S. airstrikes on Iran, spreading across Gulf states for a third day and causing significant disruptions to oil and gas operations.

State-owned QatarEnergy is expected to declare force majeure on LNG shipments after drones struck the Ras Laffan industrial complex, which houses the country’s gas trains, and the Mesaieed industrial zone, a hub for petrochemical production.

Qatar supplies about 20% of global LNG, a critical source for Europe and Asia. The disruption drove European gas prices sharply higher, with the Dutch TTF front-month contract surging 46–52%, the largest jump since March 2022.

In Saudi Arabia, Aramco confirmed that the Ras Tanura refinery near Dammam was shut down after missile attacks. While Saudi defenses intercepted the incoming drones, debris caused a minor fire, with no injuries reported.

Ras Tanura, producing over 500,000 barrels of crude per day, is a key energy asset. The closure compounds disruptions in the region, including suspended production in Iraqi Kurdistan, Israeli gas fields halting exports to Egypt, and slowed shipping through the Strait of Hormuz.

Global crude prices spiked as much as 13% intraday to above $82 per barrel, the highest since January 2025, before stabilizing slightly. Overall, oil remains nearly 9% higher amid concerns over prolonged supply disruptions. Analysts caution that continued attacks on Gulf energy facilities could trigger sustained market volatility and deeper price shocks.

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