On the 20th day of war in the Middle East, the conflict enters a new phase. Iran struck the world’s largest liquefied natural gas site in Qatar on Wednesday, March 18, with an unprecedented intensity causing considerable damage. Are we heading towards a shift in total energy warfare? The markets are concerned.
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Since the beginning of the conflict in the Middle East, oil and gas installations have never been hit to this extent. The events of the last 24 hours mark a turning point in this new hydrocarbon war. It starts on Wednesday, March 18 in Iran when the Israelis strike a gas installation, the South Pars liquefied gas production site, vital for the Iranians. It supplies 70% of the natural gas consumed in Iran.
Tehran retaliates in Qatar during the night. In striking images, an Iranian attack hits Ras Laffan, the largest liquefied natural gas production site in the world. Immediately, the price of European gas skyrockets, soaring to over 35% on Thursday. Iran then strikes Saudi Arabia where a refinery is targeted by a drone strike on the shores of the Red Sea, as well as an installation in Riyadh, the capital.
Saudi Arabia held a meeting on Wednesday night with other leaders of Arab and Muslim countries. For the first time, the kingdom openly threatens Iran: “As we have clearly stated, we reserve the right to take military action if necessary,” declared Prince Fayçal ben Farhane ben Abdallah, the Saudi Minister of Foreign Affairs.
Iranian drones targeted two refineries in Kuwait on Thursday morning. An escalation that unsettles Donald Trump. The American president warns his ally, the Israeli Prime Minister, and asks him to stop targeting hydrocarbon sites. “Sometimes he does things I don’t like and he won’t do it again,” he said in the Oval Office. Iran’s final revenge came Thursday afternoon. The Islamic Republic targeted the oil refinery of Haifa in Israel.
France called for an end to this escalation: “This escalation is reckless. We advocate for a moratorium on civilian infrastructure, civilians in this conflict, and a swift de-escalation,” said Emmanuel Macron. In addition, six European countries, including France, said on Thursday evening they are ready to ensure security in the Strait of Hormuz, but only after a ceasefire is declared.
