MOSCOW, March 19. /TASS/. Qatar’s state-owned oil and gas company QatarEnergy has reported significant damage to a facility in Ras Laffan, where its LNG plant is located, following missile strikes.
The price of Brent crude futures for May 2026 delivery on the London-based ICE exchange exceeded $115 per barrel for the first time since March 9, according to trading data.
Gas prices on the European exchange at the opening of trading exceeded $850 per 1,000 cubic meters for the first time since December 2022, according to ICE data. TASS has compiled the key developments.
Oil and gas prices
The price of Brent crude futures for May 2026 delivery on the London-based ICE exchange exceeded $115 per barrel for the first time since March 9 of this year, according to trading data.
As of 10:00 Moscow time, Brent was up 6.24% at $114.08 per barrel, exceeding that level for the first time since March 9.
At the same time, WTI crude futures for May 2026 delivery rose by 0.04% to $95.5 per barrel.
Gas prices on the European exchange at the opening of trading exceeded $850 per 1,000 cubic meters for the first time since December 2022, according to data from the London-based ICE exchange. This dynamic has been observed amid attacks on gas infrastructure in Middle Eastern countries.
The price of the April futures contract at the TTF hub in the Netherlands rose to around $854 per 1,000 cubic meters, or 72 euro per MWh (based on the current euro-to-dollar exchange rate, ICE prices are quoted in euro per MWh).
Price growth since the start of the day exceeded 30%. Thus, gas prices in Europe have surged by nearly $200 compared with the close of the previous trading session.
Situation in the Strait of Hormuz
US and UK military officials are jointly examining the possibility of resuming navigation in the Strait of Hormuz, CBS reported citing sources.
Several countries, including India, Iraq, China, Malaysia, and Pakistan, are negotiating with Iranian authorities on safe passage for vessels through the Strait of Hormuz, according to a report by analytics firm Lloyd’s List Intelligence.
An oil tanker flying the Barbados flag that attempted to pass through the Strait of Hormuz was forced to turn around and change course following actions by the Islamic Revolutionary Guard Corps (IRGC, elite units of Iran’s armed forces), Fars news agency reported. According to the agency, the tanker was allegedly carrying 160,000 tons of oil. Iranian military officials claim that the vessel attempted to transit the strait but encountered "resistance from the IRGC Navy."
On March 2, IRGC Major General Ibrahim Jabari warned that the Strait of Hormuz, through which about one-fifth of global oil exports pass, would be closed to shipping due to the military operation by Israel and the United States against the Islamic republic.
On March 5, Iranian Foreign Minister Abbas Araghchi stated that the strait is not closed, but vessels and tankers are themselves avoiding passage for fear of strikes by both sides.
The Strait of Hormuz was closed not by Tehran’s own initiative but as a form of self-defense, Iranian Parliament Speaker Mohammad Bagher Ghalibaf said.
According to him, due to "aggression by Israel and the United States against Iran," the strait "can no longer function as before, either legally or in terms of navigation, as it no longer enjoys the same level of security."
Iran and Oman will determine the conditions for vessel passage through the Strait of Hormuz after the cessation of US and Israeli actions, Iranian Deputy Foreign Minister Vahid Jalalzadeh said.
The closure of the Strait of Hormuz affects about one-third of global trade in oil and petroleum products, at least 20 mln barrels per day, Russian Deputy Prime Minister Alexander Novak said.
He also noted that around 20% of global gas production cannot be supplied to markets under current conditions.
Strikes on energy facilities in the Middle East
On March 18, the head of the Assaluyeh district administration in Iran’s Bushehr province reported that a fire broke out at several facilities of the South Pars field following strikes by Israel and the United States.
In response, the IRGC announced plans to carry out attacks on oil and gas infrastructure in Saudi Arabia, the UAE, and Qatar in the near future.
QatarEnergy reported significant damage to its LNG facility in Ras Laffan following missile strikes.
The damage to the world’s largest LNG plant in Qatar is catastrophic for the European Union, Kirill Dmitriev, Special Presidential Representative for Investment and Economic Cooperation with Foreign Countries and head of the Russian Direct Investment Fund (RDIF), said.
The consequences of the strike on the LNG plant in Qatar pose a serious threat to the global economy and may persist for up to two years, until mid-2028, according to Japanese experts whose assessments were reviewed by a TASS correspondent.
US President Donald Trump warned that the United States would destroy facilities at Iran’s South Pars gas field if the Islamic republic attacks LNG complexes in Qatar.
Tehran stated that it carried out a missile strike on an oil refinery in the Saudi city of Yanbu on the Red Sea coast, Iranian state television reported. According to the report, "several missiles hit the refinery in Yanbu in Saudi Arabia on the Red Sea." It was noted that "US investors participated in this facility."
According to state television, by striking the Yanbu refinery, Iran "targeted an alternative US route bypassing the Strait of Hormuz."
The Samref oil refinery in Saudi Arabia was attacked from the air, with minimal damage reported, Reuters said citing a source. Samref is a joint venture between Saudi Aramco and Exxon Mobil. The refinery is located on the Red Sea coast in the port city of Yanbu. It was noted that this port is currently the only outlet for Saudi Arabia’s oil exports.