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Iran strikes Saudi Arabia's largest refinery, is the world on the verge of a global crisis?

2026-03-02 19:37:07Kosova&Bota SHKRUAR NGA REDAKSIA VOX
Iran strikes Saudi Arabia's largest refinery, is the world on the verge of
Iran strikes Saudi Arabia's largest refinery

A wave of attacks in the Middle East has disrupted liquefied natural gas (LNG) production in Qatar and hit one of Saudi Arabia's largest oil refineries.

The attacks come as Iran's retaliation against the United States and Israel.

Qatar's LNG production represents about 20% of global supply and is important for balancing markets in Asia and Europe. After drone attacks on the giant Ras Laffan complex, where gas processing units are located, state-owned company QatarEnergy warned that it could declare a state of emergency for natural gas shipments.

Drones also hit the Mesaieed industrial area in southern Qatar, where petrochemical and manufacturing plants operate.

As a result of the conflict, natural gas prices rose significantly, with the European Dutch reference contract TTF rising by 46%.

Oil prices rose as much as 13% during the day, surpassing $82 a barrel, the highest level since January 2025, as maritime traffic in the Strait of Hormuz was significantly restricted.

In Saudi Arabia, the Ras Tanura refinery of state-owned Saudi Aramco, with a capacity of 550,000 barrels per day, was temporarily closed as a precaution after drone attacks. Saudi authorities said two drones were neutralized, causing only a small fire and no injuries. Some of the refinery's units were shut down for safety reasons, but the supply of fuel to the local market was not affected.

Also in Iraqi Kurdistan, the companies DNO, Gulf Keystone Petroleum, Dana Gas and HKN Energy temporarily halted oil production, while in Israel the government ordered the temporary shutdown of the giant Leviathan gas field, which was being expanded for export to Egypt.

Explosions were also heard on Iran's Kharg Island, where 90% of the country's oil exports are processed, but it is not yet clear how much infrastructure has been damaged.

Analysts believe that the attack on the Ras Tanura refinery represents a significant escalation, putting the Gulf's energy infrastructure in Iran's sights and increasing the possibility that Saudi Arabia and neighboring states will coordinate even more with US and Israeli military operations.


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