New Strikes Batter Gulf Energy Sites, Choking Hormuz and Roiling Markets

Overview

• Overnight Iranian drones hit Kuwait's Mina Al-Ahmadi refinery, sparking a fire, while debris triggered a blaze in Bahrain as Saudi defenses intercepted multiple drones.
• QatarEnergy reported "considerable" damage at Ras Laffan, a hub supplying roughly one-fifth of global LNG, with experts warning repairs could take months to years.
• The International Maritime Organization said the Strait of Hormuz remains effectively blocked, leaving thousands of ships and crews waiting for a safe corridor.
• President Donald Trump threatened to destroy Iran's South Pars gas field if attacks on Qatar continue and confirmed Israel carried out the strike on the Iranian side of the field, saying the United States was not informed.
• Brent crude climbed above $111 and European gas jumped by more than 30%, with central banks holding rates steady and cautioning that higher energy costs will push up inflation; industry projections suggest prices could top $180 if disruptions persist.