Chicago – March 18, 2026
Iran launched missile strikes on key energy facilities in Qatar and Saudi Arabia Wednesday, retaliating for an Israeli attack on its massive South Pars gas field, the world’s largest natural gas reserve shared with Qatar. Qatar’s state oil and gas company reported “extensive damage” at the Ras Laffan Industrial City hub, while Saudi defenses intercepted ballistic missiles aimed at Riyadh and a eastern gas facility.
The escalation, amid the ongoing U.S.-Israel-Iran war now in its third week, has crippled the Strait of Hormuz, halting 20% of global oil and LNG flows and slashing Middle East output by 7-10 million barrels per day. Brent crude jumped 5.6% to over $107 in post-settlement trading, with WTI up 4% to $96.32, as analysts warn of further surges if attacks persist.
Israeli media claimed the South Pars strike had U.S. consent, though neither confirmed involvement; Iran vowed more hits on Gulf targets. President Trump waived the Jones Act to ease U.S. fuel transport, but global prices remain volatile.
