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Middle East Conflict Halts Hormuz, Ras Tanura; Oil Jumps 13%, Gas Surges 46%

Story Thread|US-Iran Conflict Escalates, Blockade, Oil Surges

Araverus Team|Tuesday, March 3, 2026 at 9:17 AM

Middle East Conflict Halts Hormuz, Ras Tanura; Oil Jumps 13%, Gas Surges 46%

Araverus Team

Mar 3, 2026 · 9:17 AM

LNG Production · Middle East Conflict · Oil Supply · Refinery Shutdown

LNG Production Middle East Conflict Oil Supply Refinery Shutdown

Escalating Middle East conflict led to significant disruptions in energy infrastructure on March 2, 2026.

Qatar halted its liquefied natural gas (LNG) production, representing about 20% of global supply, following drone attacks on the Ras Laffan complex. Saudi Arabia suspended operations at its Ras Tanura refinery, a major domestic oil processing and export hub, after a drone strike caused a limited fire.

Concurrently, oil production in Iraqi Kurdistan and several Israeli offshore gas fields were shut down as a precautionary measure amid widespread regional attacks. These events caused oil prices to jump as much as 13% and European natural gas prices to surge by 46%, with shipping through the Strait of Hormuz, a critical chokepoint for global oil supply, grinding to a near halt.

Thread Timeline: US-Iran Conflict Escalates, Blockade, Oil Surges

Show 25 older articles...

Apr 2, 2026Trump Speech Fuels Oil Surge, Stocks Pare Losses

Apr 5, 2026War Drives Oil Prices Higher, Supply Plummets 8%

Apr 6, 2026Dimon: Iran War Fuels Inflation, Interest Rates

Apr 6, 2026Dimon: Iran War Ignites Inflation, Rates Stay High

Apr 6, 2026Dimon Warns Investors: Geopolitics, AI, Regulation Threaten Economy

Apr 7, 2026Trump Threatens Iran Infrastructure; Markets Fear War

Apr 9, 2026Iran War Drives Energy Inflation, Stresses Economies

Apr 9, 2026Oil Surges as Hormuz Blocked, Ceasefire Falters

Apr 9, 2026Dollar Strengthens; Middle East Tensions Fuel Inflation Fears

Apr 9, 2026Oil Jumps 4% on Mideast Supply Fears

Apr 9, 2026Gas Prices Remain High Despite Middle East Cease-fire

Apr 10, 2026Gold Dips as US-Iran Talks Falter, CPI Looms

Apr 10, 2026TotalEnergies SATORP Refinery Damaged, Saudi Oil Production Cut

Apr 12, 2026US-Iran Hormuz Blockade Escalates Global Oil Fears

Apr 13, 2026White House Warned: Iran War Threatens Global Economy

Apr 13, 2026US-Iran Conflict Escalates; Oil Surges, GDP Impact Looms

Apr 13, 2026US Hormuz Blockade Sinks Gold, Fuels Inflation Fears

Apr 13, 2026US-Iran Talks Fail; Oil Surges, Dollar Strengthens

Apr 13, 2026Iran Strikes Damage Plants, Aluminium Prices Jump

Apr 13, 2026Middle East Conflict Plunges OPEC Output 7.9 Million BPD

Apr 13, 2026U.S.-Iran Peace Hopes Drive S&P 500, Nasdaq Rebound

Apr 13, 2026Trump's Iran Remarks Trigger Market Whipsaws

Apr 14, 2026Qantas Navigates Fuel Hikes, Reroutes Capacity

Apr 14, 2026IEA: Middle East Conflict Triggers Historic Oil Shock

Apr 16, 2026Spirit Airlines Liquidation Risk Rises; Fuel Costs Surge

Apr 16, 2026EasyJet Reports £560M Loss, Fuel Costs Soar

Apr 16, 2026Banks Report Strong Profits; CEOs Warn Global Risks

Apr 16, 2026WTI Surpasses Brent; West Asia Tensions Fuel Rally

Apr 16, 2026Iran War Soars Fuel Costs; Airlines Ground Jets

Apr 19, 2026Trump's Iran War Strategy Spikes Global Oil

Read More On

Saudi Oil Flows Face Uncertainty Amid Hormuz Disruptions, Ras Tanura Haltwsj.com

Oil, gas markets surge amid Strait of Hormuz disruptions, Saudi intercepts drones at Ras Tanura - Arab Newsarabnews.com

Oil, gas markets surge amid Strait of Hormuz disruptions; drones intercepted at Ras Tanura - arabnews.jparabnews.jp

Mideast Oil, Gas Shutdowns: Qatar, Saudi, Israel Halt Production - Global Banking & Finance Review®globalbankingandfinance.com

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