economy
March 19, 2026
DOOMSDAY SCENARIO How an attack on 1 gas field triggered a huge crisis that could last for years: "I never in my wildest dreams thought this would happen"
Escalation of attacks on key oil and gas projects in the Middle East is expected to fuel a new phase of the ongoing conflict, with profound implications for global energy supplies and the world economy.
TL;DR
- Iran has launched attacks on key energy infrastructure in the Middle East, including Qatar's South Pars gas field and Ras Laffan LNG processing plants.
- The attacks have caused significant damage to Qatar's LNG facilities, with repairs expected to take three to five years, potentially leading to a prolonged global gas supply crisis.
- Qatar's LNG exports accounted for one-fifth of the global market last year, with major implications for energy-importing nations, particularly in Asia.
- Iranian state media has warned that Saudi Arabia, UAE, and Qatar's oil and gas targets are now legitimate threats, with specific facilities listed as potential next targets.
- Other energy infrastructure in Saudi Arabia, the UAE, and Kuwait have also been targeted by drones and missiles.
- Global gas markets have seen sharp price increases in response to the attacks, with European benchmarks rising significantly.
- Analysts warn of a potential "doomsday gas crisis scenario" with disruptions lasting months or even years.
- Oil prices are also expected to rise, with Brent crude potentially exceeding $120 per barrel.
- Former US President Donald Trump has warned Iran against further attacks on Qatar's LNG facilities.