Israel and Iran attack gas facilities, in a major escalation that rattles markets

The global energy market is experiencing significant volatility following a major escalation in the conflict between Iran and Israel, which has involved attacks on gas facilities in Qatar, the United Arab Emirates, and Saudi Arabia. This escalation follows Israel's earlier bombing of Iran's South Pars gas field. Iran's retaliatory strikes targeted the world's largest liquified natural gas complex in Qatar, a gas field and facility in the UAE, and missiles and drones were launched at Saudi Arabia. Kuwait also reported a drone attack on a refinery. These attacks have disrupted global gas supplies, causing Brent crude oil prices to surge. President Trump stated that the U.S. was unaware of Israel's initial attack on the South Pars field and threatened severe U.S. strikes on Iran's gas infrastructure if Iran continued its attacks on Qatar. The Gulf countries have condemned Iran's actions as a dangerous escalation and a threat to regional stability. Qatar has suspended all gas production due to the attacks and expelled Iranian military attaches. Meanwhile, Japan's Prime Minister Sanae Takaichi is set to visit the White House amidst this crisis, facing pressure to support U.S. efforts in the Strait of Hormuz while navigating Japan's constitutional constraints on military deployment.