After an Israeli strike Wednesday on Iran’s portion of the South Pars gas field, which it shares with Qatar, Iran retaliated with attacks that caused “extensive damage” at Qatar’s Ras Laffan Industrial City, the world’s largest liquefied natural gas facility, officials said. The attacks sent the global oil benchmark soaring and prompted a scramble in Washington. President Donald Trump threatened “to blow up the entirety” of Iran’s South Pars gas holdings if Iran attacked Qatar again, and his treasury secretary said the United States would consider lifting sanctions on millions of barrels of Iranian oil.

[...]

As the latest attacks rattled markets and the price of Brent crude, the global oil benchmark, briefly climbed past $119 per barrel before falling back to $108 on Thursday, Treasury Secretary Scott Bessent said the administration might lift restrictions on some 140 million barrels of Iranian oil that have already been loaded onto vessels — a week after lifting sanctions on Russian oil already in tankers.

[...]

Although the attacks on energy infrastructure in recent days are a substantial escalation, they make up a fraction of the damage both sides could inflict, analysts say. Some are warning that if the attacks on oil and gas fields, liquefaction facilities and shipping terminals continue, the cost of a barrel of crude could spike to $150.

[...]

Iranian drones in recent days have struck two refineries in Kuwait and one in Saudi Arabia, officials said. Iran also attacked the Saudi Red Sea port of Yanbu, from which the kingdom was exporting oil to avoid the Strait of Hormuz.Ask The Post AIDive deeper

[...]

After Iran warned early Thursday that it would be attacking five specific Gulf state energy facilities, Rystad Energy warned that oil could quickly hit $120 a barrel and keep rising.

[...]

Saraswat noted that Iranian strikes have yet to affect port loadings of fuel in Saudi Arabia, but that could change. If the port of Yanbu was substantially damaged, for example, that “could remove 5 to 6 million barrels per day from the market and potentially push oil prices to $150 or higher.”