{"id":109570,"date":"2026-03-03T09:38:17","date_gmt":"2026-03-03T12:38:17","guid":{"rendered":"https:\/\/shipping.einnews.com\/article\/897180485"},"modified":"2026-03-03T09:38:17","modified_gmt":"2026-03-03T12:38:17","slug":"iran-conflict-shakes-global-energy-markets-as-shipping-lanes-close-tehran-attacks-gulf-refineries","status":"publish","type":"post","link":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/2026\/03\/03\/iran-conflict-shakes-global-energy-markets-as-shipping-lanes-close-tehran-attacks-gulf-refineries\/","title":{"rendered":"Iran conflict shakes global energy markets as shipping lanes close, Tehran attacks Gulf refineries"},"content":{"rendered":"<div><img data-opt-id=758893364  fetchpriority=\"high\" decoding=\"async\" src=\"data:image\/gif;base64,R0lGODlhAQABAIAAAAAAAP\/\/\/ywAAAAAAQABAAACAUwAOw==\" fifu-lazy=\"1\" fifu-data-sizes=\"auto\" 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https:\/\/mlmjbqro95r8.i.optimole.com\/cb:bOxR.6a5\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/i2.wp.com\/twt-thumbs.washtimes.com\/media\/image\/2025\/11\/04\/Saudi_Arabia_Earns_Aramco_15413_c0-35-4043-2393_s1200x700.jpg?faec2faf5d3fd27707d070babc51bb580c0019b0&ssl=1&w=1280&resize=1280&ssl=1 1280w, https:\/\/mlmjbqro95r8.i.optimole.com\/cb:bOxR.6a5\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/i2.wp.com\/twt-thumbs.washtimes.com\/media\/image\/2025\/11\/04\/Saudi_Arabia_Earns_Aramco_15413_c0-35-4043-2393_s1200x700.jpg?faec2faf5d3fd27707d070babc51bb580c0019b0&ssl=1&w=1600&resize=1600&ssl=1 1600w\" fifu-data-src=\"https:\/\/mlmjbqro95r8.i.optimole.com\/cb:bOxR.6a5\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/i2.wp.com\/twt-thumbs.washtimes.com\/media\/image\/2025\/11\/04\/Saudi_Arabia_Earns_Aramco_15413_c0-35-4043-2393_s1200x700.jpg?faec2faf5d3fd27707d070babc51bb580c0019b0&ssl=1\" class=\"ff-og-image-inserted\"><\/div>\n<p><a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran\u2019s<\/a> scattershot response to the weekend\u2019s joint U.S.-Israeli military strikes has widened the conflict into a regional crisis that could have long-lasting implications for the world\u2019s energy markets.<\/p>\n<p>Through Monday afternoon, Iranian missiles and drones targeted key energy sites in Saudi Arabia and Qatar, two of the world\u2019s largest energy exporters, along with oil tankers traveling in the Strait of Hormuz.<\/p>\n<p>At least one-fifth of the world\u2019s oil travels through the strait, and worldwide energy prices are likely to severely inflate if the waterway is closed for an extended period.<\/p>\n<p>The conflict also has reignited tensions over the Red Sea. Houthi rebels, key Iranian proxies in Yemen, vow to retaliate against vessels off their coast after the assassination Saturday of <a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran\u2019s<\/a> supreme leader, Ayatollah Ali Khamenei.<\/p>\n<p>U.S. oil traded approximately 7.6% higher Monday, from $65 a barrel Friday to just over $72. International benchmark Brent rose by about 8.6%, to $79.11 a barrel.<\/p>\n<p><strong><a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran<\/a> attacks Gulf oil centers<\/strong><\/p>\n<p>The state-owned <a href=\"https:\/\/www.washingtontimes.com\/topics\/qatarenergy\/\">QatarEnergy<\/a> announced a pause in its production of liquefied natural gas after Iranian drones struck facilities within the vast Ras Laffan industrial complex. The complex houses the processing units that create LNG.<\/p>\n<aside> <\/aside>\n<p>Qatar exports nearly 20% of the world\u2019s LNG, and the pause sent shock waves through international gas prices, with futures jumping nearly 40%. That was the largest increase since Russia\u2019s invasion of Ukraine in 2022.<\/p>\n<div class=\"twt-content-only-hide inline-article-ad\"> <\/div>\n<p>A drone strike Monday on the <a href=\"https:\/\/www.washingtontimes.com\/topics\/aramco\/\">Aramco<\/a>-run Ras Tanura oil refinery in Saudi Arabia created massive fires and caused the facility to close. The Saudi government, which owns <a href=\"https:\/\/www.washingtontimes.com\/topics\/aramco\/\">Aramco<\/a>, said the facility sustained minor damage and that oil markets would not be affected.<\/p>\n<p>International observers blamed Tehran for the strike, but Iranian Deputy Foreign Minister Majid Takht-Ravanchi said <a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran<\/a> was not responsible for the attack. He said he had been in communication with Saudi leadership concerning the incident.<\/p>\n<p>Still, the attack clearly frustrated Saudi leadership. The AFP, citing an unidentified source close to the government, reported that Saudi Arabia would retaliate against Iranian oil refineries if attacks against its energy production continued.<\/p>\n<p><a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran\u2019s<\/a> apparent attacks against energy shipments extended to tankers traveling in the Strait of Hormuz, which has been effectively closed since hostilities began.<\/p>\n<p>Oman\u2019s state-run news agency reported that an unmanned ship attacked a Marshall Islands-flagged oil tanker, causing explosions and killing at least one crew member. It is not immediately clear whether <a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran<\/a> was responsible for the attack. Tehran has not claimed responsibility.<\/p>\n<div class=\"twt-content-only-hide inline-article-ad\"> <\/div>\n<p>The attacks have prompted some in the region to halt production. DNO, Gulf Keystone Petroleum, Dana Gas and HKN Energy, which all operate oil fields in Iraqi Kurdistan, have halted production at their facilities in anticipation of attacks or debris-related damage.<\/p>\n<p><strong>Europe\u2019s energy problem<\/strong><\/p>\n<p>The European Commission convened an emergency meeting to address the global consequences of the U.S. and Israeli attacks on <a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran<\/a>. The commission said it \u201cis closely monitoring price and supply developments\u201d after the operation and plans to increase cooperation with shipping companies and airlines.<\/p>\n<p>Kaja Kallas, vice president of the European Commission, said an escalation of the conflict in <a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran<\/a> could have devastating economic outcomes for Europe.<\/p>\n<div class=\"twt-content-only-hide inline-article-ad\"> <\/div>\n<p>\u201cThe events unfolding in <a href=\"https:\/\/www.washingtontimes.com\/topics\/iran\/\">Iran<\/a> must not lead to an escalation that could threaten the Middle East, Europe and beyond, with unpredictable consequences, also in the economic sphere. The disruption of critical waterways, like the Strait of Hormuz, must be avoided,\u201d she wrote in a statement.<\/p>\n<p>Europe has been working to eliminate its reliance on Russian oil. The European Union adopted a regulation last year that would fully end imports of Russian LNG and pipeline gas by the end of the year, requiring the continent to rely heavily on Middle Eastern oil.<\/p>\n<p>A persistence of trade disruptions in the Strait of Hormuz and the Red Sea into the second quarter could halt refill operations and rapidly increase gas prices in Europe.<\/p>\n<p>Europe\u2019s LNG stocks were already in a much worse position than at the same time last year, according to the Brussels-based think tank Bruegel, with 46 billion cubic meters in reserves at the end of February, compared with 60 in 2025.<\/p>\n<div class=\"twt-content-only-hide inline-article-ad\"> <\/div>\n<p><strong><a href=\"https:\/\/blockads.fivefilters.org\"> <\/a><\/strong> <a href=\"https:\/\/blockads.fivefilters.org\/acceptable.html\"> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8230; plans to increase cooperation with <span class=\"match\">shipping<\/span> companies and airlines. Kaja Kallas &#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-109570","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/109570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/comments?post=109570"}],"version-history":[{"count":0,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/posts\/109570\/revisions"}],"wp:attachment":[{"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/media?parent=109570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/categories?post=109570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new7.shop\/zerocostfreehost\/index.php\/wp-json\/wp\/v2\/tags?post=109570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}