Iran Attacks Hit Shell and Exxon Facilities as Oil Prices Surge to $109

TLDR

• Iranian attacks damaged Shell’s Pearl plant in Qatar and the Exxon-part-owned Samref refinery in Saudi Arabia
• Oil prices jumped 3% to $109 per barrel, briefly hitting $120
• Qatar’s QatarEnergy reported “extensive damage” to its LNG facilities at Ras Laffan
• Trump threatened to destroy Iran’s South Pars Gas Field if Qatari LNG is hit again
• Kuwait, UAE, and Saudi Arabia also reported drone and missile strikes on energy infrastructure

Iran launched a wave of attacks on energy facilities across the Middle East over the past 24 hours, hitting sites owned or part-owned by Shell and Exxon Mobil.

Oil prices rose around 3% to $109 per barrel following the strikes. Prices briefly spiked to $120 before pulling back. Exxon stock was up 1.2% on Thursday, while Shell fell 0.6%.

Exxon Mobil Corporation, XOM

A drone struck the Samref refinery in Yanbu, Saudi Arabia. The refinery is jointly owned by Saudi Aramco and Exxon, which holds a 50% stake. It can process 400,000 barrels of crude per day.

Yanbu sits on the Red Sea and has become a critical oil export point. Iran has blocked the Strait of Hormuz and attacked ships in the Persian Gulf, forcing Saudi Arabia to reroute oil exports through the East West Pipeline to Yanbu.

Rystad Energy analyst Aditya Saraswat warned that disruption to Yanbu could remove 5 to 6 million barrels per day from the market, potentially pushing prices to $150 or higher.

A ballistic missile aimed at Yanbu was intercepted by Saudi defense forces. The extent of damage at the Samref refinery is still being assessed. Aramco declined to comment and Exxon did not immediately respond.

Shell’s Pearl Plant Hit in Qatar

Iranian missiles also struck Ras Laffan Industrial City in Qatar, home to the world’s largest gas-to-liquids facility — Shell’s Pearl plant. Shell said a fire broke out at Pearl but was put out quickly. The plant is now in “a safe state,” the company said, with no injuries reported.

Shell added it is working with Qatari authorities and QatarEnergy to assess the damage.

QatarEnergy, the world’s second-largest LNG exporter, confirmed “extensive damage” to its LNG processing facilities at Ras Laffan. All fires were brought under control by early Thursday, with no injuries reported.

Qatar produces 77 million metric tons of LNG annually. Disruption to Ras Laffan could affect global gas supply.

Trump Warns Iran

Trump said Israel struck South Pars without informing the U.S. or Qatar. Qatar’s foreign ministry expelled Iran’s security and military attaches within 24 hours and called the Ras Laffan attack a “direct threat” to national security.

In Kuwait, drones hit two refineries — Mina al-Ahmadi and Mina Abdullah — causing fires at both sites. The UAE shut down the Habshan gas facilities and the Bab oil field after intercepting missiles. No injuries were reported in either country.

Shell said damage assessment at Pearl is ongoing as of Thursday.

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