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Iran Attacks Qatar Gas. Trump Warns Iran.
Iran fired missiles at Qatar's Ras Laffan gas facility. Israel had struck Iran's South Pars gas field on Wednesday.
South Pars is part of the world's largest natural gas reserve. Iran attacked Qatar's facility in response.
Oil prices briefly jumped to $119 per barrel. Gas prices in Europe surged more than 25% on Thursday. Trump threatened to destroy all of Iran's major gas field if attacks continue.
Klear Note — Natural gas heats homes and powers factories worldwide. When supply gets disrupted, prices spike fast. South Pars is the world's largest natural gas reserve shared between Iran and Qatar.
Key Terms 4
- Ras Laffan
- Qatar's main gas export site, one of the world's largest
- South Pars gas field
- Iran's huge gas field, part of world's largest gas reserve
- LNG
- Liquefied natural gas, gas cooled to liquid for shipping
- per barrel
- Oil is sold in barrels; price per barrel affects fuel costs