Oil and gas prices surged Thursday after some of the world’s most critical energy facilities were hit in a fresh wave of attacks in the Middle East, stoking fears of deeper and more prolonged disruptions to global supplies.

In mid-morning European trade, Brent crude climbed 10% to $118.50 a barrel and was up 65% on the month. West Texas Intermediate, the U.S. oil gauge, rose 2.9% to $95.08 a barrel. Natural-gas prices spiked 26%, with the front-month Dutch TTF contract—the European benchmark—trading at 68.70 euros a megawatt-hour after briefly touching 70 euros at the open.

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Iranian missile strikes caused “extensive further damage” on the Ras Laffan complex in Qatar, home to the world’s largest liquefied-natural-gas export facility, state-owned QatarEnergy said early on Thursday. The attack followed another Iranian strike at the site on Wednesday that also inflicted significant damage.

“Troubles for global gas markets aren’t just about when flows through the Strait of Hormuz resume, but how long repair work at the sites might take,” analysts at ING said. Damage to these facilities means traders have to price in longer supply outages, as production could potentially be offline for months.

Iran on Wednesday threatened to attack several key facilities in the Gulf, prompting Qatar, Saudi Arabia and the United Arab Emirates to evacuate some of their facilities. The escalation came after Israel struck the backbone of Iran’s energy industry-the giant South Pars gas field that Iran shares with Qatar.

“Risks abound for Iranian natural gas exports to Turkey, Iraq, and Armenia,” analysts at ING said. “The market will have to price in a higher risk premium, given the growing threat to energy infrastructure in the region.”

President Trump said Israel wouldn’t carry out further attacks on the field, but warned that if Iran strikes Qatar, the U.S. would “blow up the entirety” of South Pars.

Attacks on all the facilities warned by Iran could remove at least 700,000 barrels a day of refined product capacity from global markets overnight, disrupting diesel, jet fuel, and naphtha supplies, Rystad Energy analysts said.

Energy infrastructure has become a central target in the widening conflict, raising the risk of a prolonged supply shock. Meanwhile, the Strait of Hormuz remains effectively closed, forcing major Gulf producers to curb output or seek alternative export routes to bypass the vital waterway.

A sustained campaign against oil and gas assets could push crude prices well above $120 a barrel, with significant consequences for the global economy. If critical infrastructure, such as Saudi Arabia’s Yanbu port, is hit, oil could jump past $150 a barrel, according to Rystad.

Prices are soaring despite efforts by the Trump administration to cushion the market. President Trump issued a 60-day waiver of the Jones Act, allowing foreign-flagged vessels to transport commodities between U.S. ports. Separately, Iraq reached an agreement to export its oil through the Kurdistan region to Turkey’s Mediterranean port of Ceyhan, far from the Persian Gulf.

Write to Giulia Petroni at giulia.petroni@wsj.com

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