Iran has widened its offensive to target oil and natural gas infrastructure across the Gulf, sharply escalating a conflict that is already rippling through global energy markets.
The impact is already visible in Qatar, a cornerstone of global LNG supply, a significant part of which has been knocked out for five years after extensive damage by missile strikes on its Ras Laffan LNG facility.
The attack could cost Qatar $20 billion a year in lost revenue.
US Treasury Secretary Scott Bessent said Washington is considering lifting long-standing sanctions on Iranian oil in an effort to ease the surge in energy prices triggered by the conflict.
The US may also explore a unilateral release from its own strategic reserves.
Brent crude, the global benchmark, jumped to as high as $119 per barrel, a rise of more than 60% since Israel and the US launched their campaign.
European natural gas prices climbed 17% on Thursday and have doubled over the past month.
