Escalating Middle East conflict led to significant disruptions in energy infrastructure on March 2, 2026.
Qatar halted its liquefied natural gas (LNG) production, representing about 20% of global supply, following drone attacks on the Ras Laffan complex. Saudi Arabia suspended operations at its Ras Tanura refinery, a major domestic oil processing and export hub, after a drone strike caused a limited fire.
Concurrently, oil production in Iraqi Kurdistan and several Israeli offshore gas fields were shut down as a precautionary measure amid widespread regional attacks. These events caused oil prices to jump as much as 13% and European natural gas prices to surge by 46%, with shipping through the Strait of Hormuz, a critical chokepoint for global oil supply, grinding to a near halt.
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