Overview
- Iran launched missile attacks on Qatar’s Ras Laffan industrial zone, and QatarEnergy reported significant damage to key liquefied natural gas plants with production and shipments widely disrupted.
- President Donald Trump warned he would order a massive bombing of Iran’s South Pars gas field if Tehran keeps targeting Qatar’s gas infrastructure, while saying Israel would refrain from further strikes if Iran stands down.
- Energy markets spiked on the news, with Brent crude trading above $113 after briefly topping $115 and Europe’s TTF gas benchmark jumping as much as 35% to €74 per megawatt hour before easing.
- Washington moved to ease supply strains by allowing limited short‑term purchases of Russian oil already loaded on ships and by broadening permissions for transactions with Venezuela’s PdVSA, with a temporary waiver on summer gasoline rules reported as under consideration.
- EU leaders meet in Brussels to discuss de‑escalation and market relief as Hungary continues to block a €90 billion Ukraine loan tied to a Druschba pipeline dispute, while Raiffeisenbank pursues legal action over Hungary’s seizure of declared Ukrainian cash and gold.