Iran-Backed Groups Hit Gulf Energy Sites in 172 Attacks as Brent Jumps 22%
Updated
Updated · Al Jazeera English · Aug 30
Iran-Backed Groups Hit Gulf Energy Sites in 172 Attacks as Brent Jumps 22%
3 articles · Updated · Al Jazeera English · Aug 30
Summary
At least 172 attacks have hit nonmilitary infrastructure across the Gulf since February 28, with oil, gas, power and desalination sites making up 48% of the targets, according to ACLED.
The strikes have landed hardest in the UAE, Kuwait and Bahrain, while repeated attacks on Qatar’s Ras Laffan LNG hub and a July 27 drone strike on Saudi Arabia’s Abqaiq complex exposed key regional chokepoints.
Brent has climbed from $72 to $88 a barrel as the Strait of Hormuz remains largely closed, boosting producer profits even as Gulf operations face mounting disruption.
Rystad estimates US firms’ Gulf gas supply share will fall about 40% this year and oil supply 30%-35%; ExxonMobil has been among the most exposed through Qatar and UAE assets.
The conflict is creating a split across US energy: Chevron posted $12 billion in quarterly adjusted earnings with limited Gulf exposure, while delays and repair costs threaten projects including Qatar LNG and Exxon’s $10 billion expansions.
With Gulf energy infrastructure crumbling under relentless attacks, could the crippled Strait of Hormuz soon push global crude prices beyond $130 a barrel?
Will the devastating destruction of Qatar's LNG hubs permanently end the Middle East's dominance over global energy supply chains?
How will heavily exposed energy giants survive multi-billion dollar repair bills while competitors reap massive profits from soaring oil prices?