Oil Prices Soar Past $109 as Iranian Strikes Target Shell and Exxon Energy Sites

TLDR

• Iranian strikes inflicted damage on Shell’s Pearl facility in Qatar and the Samref refinery in Saudi Arabia, partially owned by Exxon
• Crude oil prices surged 3% to reach $109 per barrel, with brief spikes touching $120
• QatarEnergy confirmed significant structural damage to LNG infrastructure at the Ras Laffan complex
• President Trump issued warnings to Iran, threatening South Pars Gas Field destruction if attacks on Qatari LNG continue
• Energy infrastructure in Kuwait, UAE, and Saudi Arabia sustained drone and missile attacks

Iran executed a coordinated assault on multiple energy installations throughout the Middle East in the last day, targeting facilities with ownership ties to Shell and Exxon Mobil.

Oil prices climbed approximately 3% to reach $109 per barrel in response to the attacks. Trading saw prices momentarily surge to $120 before retreating. Exxon shares advanced 1.2% during Thursday trading, while Shell declined 0.6%.

Exxon Mobil Corporation, XOM

The Samref refining complex in Yanbu, Saudi Arabia sustained a drone attack. This facility operates as a joint venture between Saudi Aramco and Exxon, with the American energy giant maintaining a 50% ownership position. The refinery’s capacity stands at 400,000 barrels daily.

Yanbu’s location on the Red Sea coast has elevated its strategic importance as an oil shipping hub. With Iran’s blockade of the Strait of Hormuz and ongoing attacks on Persian Gulf shipping, Saudi Arabia has redirected crude exports through the East West Pipeline to Yanbu’s terminals.

Rystad Energy’s analyst Aditya Saraswat cautioned that any significant disruption at Yanbu could eliminate 5 to 6 million barrels daily from global markets, with potential to drive prices beyond $150 per barrel.

Saudi air defense systems successfully intercepted a ballistic missile targeting Yanbu. Assessment of the Samref refinery’s damage continues. Aramco has not issued a statement, and Exxon has not yet provided comment.

Qatar’s Pearl Facility Sustains Iranian Strike

Iranian ballistic missiles targeted Ras Laffan Industrial City in Qatar, where Shell operates the Pearl plant — the planet’s largest gas-to-liquids conversion facility. Shell confirmed a fire ignited at Pearl but was rapidly extinguished. The facility has been stabilized in “a safe state,” according to the company’s statement, with zero casualties.

Shell indicated it is collaborating with Qatari officials and QatarEnergy to determine the full extent of damage.

QatarEnergy, ranking as the world’s second-largest liquefied natural gas exporter, acknowledged “extensive damage” to LNG processing infrastructure at Ras Laffan. Fire suppression efforts successfully controlled all blazes by Thursday morning, with no reported injuries.

Qatar’s annual LNG production capacity totals 77 million metric tons. Any prolonged disruption at Ras Laffan facilities could create ripple effects throughout international gas markets.

Trump Issues Warning to Tehran

Trump revealed that Israel conducted strikes on South Pars without advance notification to either the United States or Qatar. Qatar’s foreign ministry ordered the expulsion of Iran’s security and military attachés within a 24-hour window and characterized the Ras Laffan assault as a “direct threat” to the nation’s security.

In Kuwait, drone attacks targeted two refineries — Mina al-Ahmadi and Mina Abdullah — igniting fires at both locations. The UAE implemented emergency shutdowns at Habshan gas processing facilities and the Bab oil field following missile interceptions. Both countries reported zero casualties.

Shell confirmed Thursday that damage evaluation at the Pearl facility remains in progress.

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