Oil Prices Hit $110 as Iran Strikes Saudi, UAE, Qatar Energy Sites

Oil Prices Hit $110 as Iran Strikes Saudi, UAE, Qatar Energy Sites

Global oil prices have surged above $110 per barrel following a major escalation in the Middle East, as Iran launched missile strikes targeting critical energy infrastructure across Saudi Arabia, United Arab Emirates, and Qatar.

The attacks were carried out in retaliation for Israeli airstrikes on the strategic South Pars gas field—the world’s largest natural gas field—triggering a rapid escalation that has rattled global energy markets and heightened fears of supply disruptions.

Iran’s missile barrage targeted key oil and gas installations across the Gulf. In Saudi Arabia, authorities confirmed that multiple ballistic missiles aimed at Riyadh were successfully intercepted, preventing damage to vital infrastructure.

Similarly, the UAE said its air defence systems in Abu Dhabi neutralized incoming threats aimed at the crucial Habshan gas facility and Bab oil field, averting what could have been significant disruptions to oil production.

However, Qatar suffered notable damage after a missile strike hit Ras Laffan, a major hub for liquefied natural gas exports. Authorities reported “extensive damage” to parts of the facility, forcing partial shutdowns and raising concerns about global LNG supply.

READ ALSO:

• BREAKING: Eid-el-Fitr Date Confirmed in Saudi Arabia, Nigeria Awaits Sultan’s Decision
• Lagos communities face 4-month blackout, power firm alerts
• Eid‑el‑Fitr in Nigeria Confirmed for Friday, March 20, 2026

The escalation has sent shockwaves through the global oil market, with Brent crude climbing sharply amid fears that instability in the Gulf could disrupt exports from one of the world’s most critical energy-producing regions.

Analysts have also raised alarms over the security of the Strait of Hormuz, a vital chokepoint through which nearly 20 percent of global oil supply passes. Any prolonged disruption could push oil prices even higher, with some projections pointing toward the $120–$150 range if tensions persist.

Diplomatic tensions have intensified alongside the military escalation. Qatar announced it had declared Iranian diplomats persona non grata, giving them 24 hours to leave the country following the strike on Ras Laffan.

In a strongly worded statement, Qatar’s foreign ministry warned that continued aggression from Tehran would prompt further actions to safeguard its sovereignty and national interests.

Meanwhile, Saudi Arabia and the UAE have reinforced security around key oil and gas facilities, signaling readiness to respond to any further attacks.

The crisis has sparked global concern, with world leaders closely monitoring developments amid fears that continued escalation could trigger a broader regional conflict and deepen volatility in the energy market.

With oil prices already surging and supply routes under threat, the situation remains highly fluid, and further military or geopolitical developments could have far-reaching consequences for the global economy.

Oil Prices Hit $110 as Iran Strikes Saudi, UAE, Qatar Energy Sites