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Gas prices jump 35% after strikes in Iran and Qatar

Trump threatens to destroy world's largest gas field after Iran strikes key facility in Qatar

Mar 19, 2026 15:09 55

Gas prices jump 35% after strikes in Iran and Qatar  - 1

Qatar accused Iran of attacking the "Ras Laffan" gas facility, and oil prices hit a new high of $114 a barrel. "Ras Laffan" supplies 20% of global liquefied natural gas, Bloomberg reported, and authorities in Doha announced that the facility had suffered "significant damage". Gas prices in Europe jumped 35%

Trump threatens to destroy "South Pars"

Iran fired missiles and drones at targets in Qatar and Saudi Arabia in response to the Israeli attack on "South Pars" - the largest known gas field in the world. The field is used by Iran and Qatar and is responsible for over 70% of Iran's gas production.

Donald Trump reacted sharply to Tehran's actions. He announced that the attacks on "South Pars" were carried out by Israel without informing Washington, and that Qatar had nothing to do with it. Trump threatened to destroy "South Pars" if Qatar's energy infrastructure was attacked again. The attack would be with "such force and power that Iran has never seen before," the US president said. World fuel markets immediately reacted and prices jumped.

Qatar expels Iranian diplomats

Israel would no longer attack gas storage facilities in the Persian Gulf, Trump said. The Qatari authorities, for their part, announced that Iran "has crossed all red lines with its targeted attacks on civilian targets and vital facilities in the countries of the region." Doha expelled the military attaché and the security attaché at the Iranian embassy from the country.

Iranian President Masoud Pezeshkian earlier warned in X of escalation. "Aggressive actions" will not benefit Israel, the United States and their allies, but will worsen the situation. They could have "uncontrollable consequences" that will have global repercussions," Pezeshkian wrote.

Meanwhile, authorities in the United Arab Emirates shut down an oil and gas installation in Abu Dhabi after a missile attack. After an air defense operation, debris led to "incidents," the Abu Dhabi government said, without giving further details.