Iranian missile strikes have inflicted extensive damage on Qatar's Ras Laffan LNG facility—the world's largest liquefied natural gas hub—disrupting nearly 20% of global shipments and projecting $20 billion in annual revenue losses. The attacks, which followed Israel's strikes on shared South Pars field, destroyed 17% of Qatar's LNG capacity across two of 14 trains and hit Pearl GTL assets, sparking fires now contained with no casualties reported. QatarEnergy CEO Saad al-Kaabi warned repairs could span 3-5 years, forcing force majeure on long-term contracts with buyers like China, Italy, Korea, and Belgium.

This "crown jewel," spanning 295 sq km and housing LNG processing, storage, refineries, and gas-to-liquids plants, accounted for one-fifth of world supply before March 2 shutdowns from initial drone hits. One missile penetrated after four interceptions, escalating from earlier assaults on Mesaieed power infrastructure. Qatar expelled Iranian military attaches, condemned the "brutal" violation of sovereignty, and reserved retaliation rights under international law.

The fallout accelerates a seismic shift in gas markets, doubling European benchmarks and spiking Brent crude past $119/barrel amid Strait of Hormuz chokepoints. Qatar, second only to the US in LNG exports, now scrambles alternatives, boosting US, Australian, and Russian suppliers while India faces import cost surges—Ras Laffan fed key Asian demand. Nifty's drop toward 23,000 reflects rupee pressures from $5,000 crore FII outflows tied to oil volatility.​

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Long-term, insurers may hike premiums on Gulf assets, deterring investments and hastening diversification: US Gulf Coast terminals ramp up, Norway eyes Arctic expansions, and green hydrogen gains amid net-zero pledges. QatarEnergy invokes force majeure, but legal battles loom over canceled cargoes, reshaping spot markets into long-haul contracts.

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