Oil Surges to $112 After Iran Strikes Qatari LNG Infrastructure

Global energy markets are in a state of volatility after Iran conducted its second ballistic missile attack on Qatar’s Ras Laffan liquefied natural gas (LNG) facility on Thursday morning. The facility, which is the largest of its kind in the world, was targeted by five missiles; while most were intercepted, one struck the site and ignited a fire. In response to the escalating insecurity, the United Arab Emirates has suspended operations at a key energy facility, further tightening global supplies and pushing crude oil prices to $112 per barrel. The geopolitical fallout has been significant, with Saudi Arabia’s Foreign Minister declaring that trust in Tehran is now "shattered." Despite the deep rift, Saudi officials are advocating for an immediate moratorium on strikes targeting civilian infrastructure, specifically energy and water supplies, to prevent a total regional collapse. In Washington, the economic burden of the conflict is mounting as the Trump administration handles the military response. The Department of Defense has officially requested more than $200 billion from Congress to sustain ongoing operations against Iran. Meanwhile, recent reports from the Institute for the Study of War indicate that while U.S. and Israeli strikes continue against the 'Axis of Resistance,' there have been no new confirmed developments regarding cyber warfare or humanitarian escalations in the last 24 hours.