Oil and natural gas prices spiked Thursday, as Iran ramped up strikes on energy infrastructure across the Middle East and attacked one of the world’s most important liquefied natural gas (LNG) facilities in Qatar.

Brent crude, the global oil benchmark, extended the previous day’s gains, rising nearly 8% to $115 a barrel. On Wednesday, Brent settled at $107.38 a barrel, its highest closing level since mid-2022. WTI, the US benchmark, rose around 1% to $96 a barrel.

In Europe, benchmark natural gas prices surged 24% and have now more than doubled since the war began on February 28.

QatarEnergy said Wednesday that its Ras Laffan LNG hub had sustained “extensive damage,” after being attacked by Iranian missiles twice in 12 hours. Ras Laffan is the largest LNG facility in the world, according to the International Energy Agency.

The attacks by Iran came after strikes on the Islamic republic’s own energy production facilities – the first since the war began and a major escalation in the conflict, which had largely spared Iran’s energy infrastructure. An Israeli strike Wednesday targeted Iran’s South Pars, part of the world’s largest natural gas field, shared with Qatar.

Iran has threatened further attacks across the Middle East, naming Saudi Arabia, Qatar and the United Arab Emirates as likely targets. Two oil refineries in Riyadh have already found themselves in the midst of attacks, according to Saudi Foreign Minister, Prince Faisal bin Farhan. And on Thursday, the Kuwait Petroleum Corporation said fires had erupted at two of its refineries following drone attacks that targeted the facilities in the early hours and had since been extinguished.

Speaking of Iran’s threats, Aditya Saraswat, senior vice president at Rystad Energy in Dubai, said Thursday: “Any such attacks would likely push oil prices up by at least another $10 and significantly disrupt supply, particularly across key producers in the Middle East.”

“Qatar is particularly exposed given the concentration of its LNG infrastructure at Ras Laffan. … Any disruption here would not only affect regional supply but ripple through global LNG markets, with Asia bearing the brunt given its dependence on Qatari volumes,” he added in a note.

This is a developing story and will be updated.

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