Saudi Arabia and Qatar at the centre of the Gulf energy shock
Latest news on WhatsApp أجدد الأخبار على واتسابSaudi Arabia and Qatar moved to the centre of the region’s most serious economic and security escalation on Thursday, March 19, 2026, after attacks hit key energy assets in both countries. In Saudi Arabia, the Aramco-Exxon SAMREF refinery in Yanbu was targeted in an aerial attack that industry sources said had limited impact. Oil loadings from Yanbu later resumed after a brief halt following staff evacuations triggered by a drone crash near the refinery.
Qatar, however, appears to have taken the heavier blow. QatarEnergy CEO Saad al-Kaabi told Reuters that the attacks knocked out about 17 percent of the country’s LNG export capacity after damaging two of its 14 LNG trains and one of its two gas-to-liquids facilities. Reuters reported that around 12.8 million tonnes per year could remain offline for three to five years, with force majeure likely on some long-term contracts serving buyers in Europe and Asia.
That shift makes the story far bigger than a regional military exchange. Reuters said European gas prices rose by as much as 35 percent on Thursday, while oil prices also jumped sharply as markets reacted to fears of prolonged supply disruption. The contrast is important: Saudi Arabia saw a short-lived operational disturbance, while Qatar is facing potential long-term export damage that could reverberate through global gas and energy markets.
