Breaking: Oil Prices Surge Past US$111 After Qatar Bombarded

Oil prices continue to strengthen due to ongoing unrest in the Middle East, with attacks on energy infrastructure in the region sparking concerns over supply shortages. Qatar stated on Wednesday that an Iranian missile strike had damaged its main liquefied natural gas (LNG) export facilities. The action followed Tehran’s warnings of strikes on energy facilities in Qatar, Saudi Arabia, and the United Arab Emirates (UAE) after Israel bombed natural gas processing facilities in Iran. In Thursday morning futures contracts for May (19/3/2026), Brent prices rose 4% to US$111.80, while US West Texas Intermediate (WTI) futures for April climbed more than 3% to US$99.47. “The Iranian missile strike caused extensive damage to Ras Laffan Industrial City, the world’s largest LNG export facility,” Qatar said, as reported by CNBC International. “Emergency teams have been deployed to address the fire in Ras Laffan,” QatarEnergy stated in a social media post, adding that no casualties have been reported. Qatar’s Ministry of Interior also issued a statement, confirming that the fire has been brought under control. Qatar condemned the attack as a “dangerous escalation” and “flagrant violation of sovereignty,” warning that it threatens national security and regional stability. It added that Qatar reserves the right to respond under international law. Qatar had suspended LNG production on 2 March following an Iranian drone attack on Ras Laffan and the Mesaieed Industrial City. Saudi Arabia and the UAE are also on high alert after Israel’s strike on Iran’s natural gas processing facilities.