Markets7h ago·27 sources
Saudi Oil Flows Face Uncertainty Amid Hormuz Disruptions, Ras Tanura Halt
Escalating Middle East conflict led to significant disruptions in energy infrastructure on March 2, 2026. Qatar halted its liquefied natural gas (LNG) production, representing about 20% of global supply, following drone attacks on the Ras Laffan complex. Saudi Arabia suspended operations at its Ras Tanura refinery, a major domestic oil processing and export hub, after a drone strike caused a limited fire. Concurrently, oil production in Iraqi Kurdistan and several Israeli offshore gas fields were shut down as a precautionary measure amid widespread regional attacks. These events caused oil prices to jump as much as 13% and European natural gas prices to surge by 46%, with shipping through the Strait of Hormuz, a critical chokepoint for global oil supply, grinding to a near halt.