The attack on South Pars, a major component of the world’s largest natural gas deposit shared by Iran and Qatar, drove oil prices higher and intensified concerns over global energy supply disruptions.

Trump said Israel had acted “out of anger” and that Washington had no advance knowledge of the operation.

QatarEnergy reported “extensive damage” and sizeable fires at facilities in Ras Laffan Industrial City following missile strikes, while Saudi Arabia said it intercepted four ballistic missiles aimed at Riyadh and thwarted a drone attack on a gas installation in its eastern region.

The strikes mark a significant expansion of hostilities into critical energy infrastructure in the Gulf, a region central to global oil and gas markets. Ras Laffan processes roughly a fifth of the world’s liquefied natural gas, making it one of the most strategically important energy hubs globally.

Iran carried out additional missile attacks on Thursday targeting Qatari gas facilities and the Saudi capital, according to officials, heightening fears of prolonged disruption to energy flows.

The South Pars field itself is a cornerstone of Iran’s gas production and is geologically linked to Qatar’s North Field, underscoring the cross-border risks posed by military escalation.In a post on X, Trump said Israel’s strike had been a response to developments in the region but warned Tehran against further escalation.

He described Iran’s subsequent targeting of Qatar’s LNG facilities as “unjustified,” adding that Doha had not been involved in the initial attack.

Trump said the United States would prevent further Israeli strikes on South Pars unless Iran “unwisely” targets Qatar again. He also warned that any such move by Tehran would trigger a large-scale U.S. response against the gas field.

Earlier reporting by the Wall Street Journal said Trump had approved Israel’s plan to strike Iran’s gas infrastructure, though the president said Washington had no prior knowledge of the specific operation.

Regional fallout widensIran’s actions reflect a broader pattern since the conflict began nearly four weeks ago, with Tehran targeting not only Israel but also U.S. diplomatic and military facilities across the Gulf. Iranian officials have also warned neighbouring states against facilitating attacks on its territory.

Saudi authorities said their air defences successfully neutralised incoming threats, while Qatar has yet to detail the full operational impact of the damage to its LNG facilities.

The widening scope of attacks on energy infrastructure has raised geopolitical and economic stakes, with markets reacting to the potential for sustained disruption across key supply routes and production hubs.

The offer was made by China’s Taiwan Affairs Office, with spokesperson Chen Binhua saying “peaceful reunification” would provide stronger protection for Taiwan’s energy and resource security under what he called the backing of a “strong motherland.”

The proposal comes as governments worldwide scramble to secure alternative fuel supplies following disruptions to shipping routes through the Strait of Hormuz, a key artery for global oil and liquefied natural gas flows.

Taiwan, which previously sourced about one-third of its liquefied natural gas from Qatar and imports no energy from China, has said it has secured alternative supplies for the coming months, including from the United States, its main international backer.

President Lai Ching-te said energy supplies for the near term were assured and that additional U.S. gas imports would begin from June, according to a statement from his Democratic Progressive Party.

China has long framed economic and security incentives as part of its strategy to persuade Taiwan to accept unification under its “one country, two systems” model, which no major Taiwanese political party supports.

Chen said Beijing was willing to provide “stable and reliable energy and resource security” to improve living conditions for people in Taiwan, reiterating a narrative that closer integration would bring material benefits.

Taiwan’s government, which rejects China’s sovereignty claims, has consistently maintained that only the island’s people can determine its future.

The energy proposal comes against the backdrop of heightened geopolitical strain, with the Middle East conflict triggering volatility in global energy markets and prompting countries across Asia to reassess supply security.

China, the world’s largest oil importer, has also taken domestic measures to safeguard supply, including restricting fuel exports in recent days, according to reports.

Beijing has never renounced the use of force to bring Taiwan under its control, though it has repeatedly stated a preference for peaceful unification.

The latest offer underscores how energy security has emerged as a central element in cross-strait dynamics as global supply disruptions reshape strategic calculations.

Members of the party’s Middle East crisis economic response task force said the measures aim to stabilise domestic energy supply and prices as shipments of oil and gas to South Korea have been disrupted by the regional conflict affecting the vital maritime corridor.

According to data from the Korea International Trade Association, South Korea depends heavily on energy imports, sourcing about 70% of its crude oil and roughly 20% of its liquefied natural gas (LNG) from the Middle East.

Democratic Party lawmaker Ahn Do-geol said the government would prioritise managing LNG supplies by increasing electricity production from coal and nuclear facilities while scaling back reliance on LNG-fired power generation.

Limits that capped coal power output at 80% of installed capacity will be lifted starting Monday, Ahn said. Maintenance work at six nuclear reactors will also be completed earlier than scheduled to raise the utilisation rate of nuclear plants from the high-60% range to about 80%.

The government on Friday introduced a price ceiling on gasoline of 1,724 won ($1.15) per litre, with adjustments planned every two weeks to reflect changes in global oil markets.

Ahn said gasoline and diesel prices had already declined since the cap was introduced, falling by 58 won and 77 won per litre respectively as of Sunday.

Officials said a supplementary budget would be drafted by the end of the month and submitted to parliament to cushion the economic impact of higher energy costs.

Democratic Party leader Jung Chung-rae said the party would fast-track approval of the budget within 10 days after it is submitted. The proposed spending package is expected to include compensation for refiners linked to the fuel price cap, energy vouchers for households, logistics support for exporters and expanded investment in renewable energy.

The Budget Ministry said no specific date had yet been set for the supplementary budget but that preparations were underway.

Authorities are also considering designating the Yeosu Petrochemical Complex as a special industrial crisis response zone as part of efforts to support industries affected by the energy disruption.

The move comes as roughly 20% of global LNG supply remains offline after the conflict forced the shutdown of facilities operated by QatarEnergy, significantly disrupting energy exports from the Middle East.

JERA handles about 35 million metric tons of LNG annually, with around 27 million tons consumed domestically in Japan, according to Global Chief Executive Yukio Kani.

About 5% of the company’s shipments pass through the strategically vital Strait of Hormuz, a major energy transit corridor.Kani told reporters on the sidelines of the Indo-Pacific Energy Security Ministerial and Business Forum in Tokyo that the company is holding talks with suppliers with whom it already maintains long-term contracts to explore additional procurement options.

While there is currently no immediate shortage of LNG, Kani said the company is planning for possible prolonged disruption.“It is still possible that things could settle down within a few weeks. However, it would be far too optimistic to base our planning on that assumption,” he said.

Regional LNG prices have fluctuated sharply since the disruption. The average LNG price for April delivery into Northeast Asia was estimated at $19.50 per million British thermal units, down from $22.50 per mmBtu a week earlier, which had marked the highest level since mid-January 2023.

Energy security concerns have also resurfaced among global buyers as geopolitical tensions escalate in the Middle East.Steven Read, president of Global Coal Sales Group, which markets coal produced by U.S. mining company Signal Peak Energy, said the market had already begun to react to the heightened uncertainty.

“We’ve already seen customers coming in wanting to talk about options,” Read told Reuters on the sidelines of the conference, noting renewed interest from buyers considering additional cargoes.

If the disruption deepens and shipping through the Strait of Hormuz remains constrained, Japan may need to consider broader measures to maintain energy supply, Kani said.

These could include working with the Japanese government to encourage energy conservation and restarting dormant power stations, including coal-fired plants.At the same forum, U.S. LNG exporter Venture Global LNG said the current volatility in energy markets was likely temporary.

Chief Executive Mike Sabel said the company viewed the current price fluctuations as short-term turbulence despite the geopolitical tensions affecting supply.

“We’re tremendously optimistic about the middle- and long-term strength of the market, equity in the market, supply coming online. We expect long-term, very stable liquefaction prices,” Sabel said.

Two of the sources said the state-run gas distributor bought the prompt cargo through negotiations with a European trader at a fixed price ranging between $17 and $20 per million British thermal units.

The cargo, loaded aboard the vessel Orion Hugo LNG carrier and chartered by Shell, is expected to arrive in India around March 15, according to shipping analytics firm Kpler.

There was no immediate response from GAIL (India) Limited to a request for comment.

India relies heavily on imported liquefied natural gas to meet domestic demand. The country consumes about 195 million standard cubic metres per day of natural gas, roughly half of which is met through imports.

Before recent disruptions, India was receiving about 60 million standard cubic metres per day of gas from the Middle East, according to industry sources.

Supplies have been affected following the closure of the Strait of Hormuz and the declaration of force majeure by Qatar, India’s largest gas supplier, disrupting shipments from the region.

In response, Indian authorities have begun reallocating gas supplies, diverting fuel from non-priority industries to key sectors in an effort to manage the shortfall and stabilise energy availability.

Mumbai, March 10 – India ordered tighter controls on natural gas and cooking gas supplies on Tuesday after import disruptions linked to the Middle East war affected shipments through the Strait of Hormuz, prompting warnings from restaurant groups that the curbs could force widespread closures.

The Ministry of Petroleum said the ongoing conflict in the Middle East had disrupted liquefied natural gas (LNG) shipments passing through the Strait of Hormuz, a key energy corridor for global trade. The government said the restrictions were aimed at ensuring equitable distribution of gas supplies and maintaining availability for priority sectors.

India, the world’s most populous country, is the fourth-largest buyer of LNG and the second-largest importer of liquefied petroleum gas (LPG), widely used as cooking fuel in households and commercial kitchens. Much of the country’s LNG and LPG imports originate from Middle Eastern producers.

Under the new directive, LNG supplies will be prioritised for households, the transport sector and LPG production. Other industries including fertiliser plants and tea producers will receive between 70% and 80% of their consumption requirements, subject to operational availability.

To offset the supply shortfall, the government said gas allocations to petrochemical facilities and power plants would be partially or fully curtailed.

Several Indian industries have already reported supply reductions. Ceramics and tile manufacturers said gas curbs could affect production as energy costs and availability tighten.

Restaurant and hospitality groups said a separate order issued on Monday prioritising LPG for domestic households had already begun affecting commercial users.

The National Restaurant Association of India said LPG suppliers across the country had signalled that deliveries to eateries could be halted following the order.

“The restaurant industry is predominantly dependent on commercial LPG for its operations,” the association said in a statement, adding that supply disruptions could trigger widespread closures.

PC Rao, head of a hotel industry association in Bengaluru, said the situation had become critical as stocks ran low across smaller establishments.

“Supply of gas has been hit and many of the smaller establishments only have one to two days of stock left,” Rao told AFP.

Larger restaurants and hotels may have up to about 10 days of reserves remaining, he said, adding that many businesses were considering limiting menus or adjusting operations to manage dwindling supplies.

Authorities said the directive applies nationwide and is intended to cut electricity consumption and reduce traffic congestion, which officials say contributes to higher fuel use. University campuses in the country consume large amounts of electricity for residential halls, classrooms, laboratories and air-conditioning systems, placing additional strain on the national power grid.

Officials said the early closure of universities is part of emergency measures designed to ease pressure on the country’s power system as energy supplies tighten.

Government and private schools in Bangladesh are already closed for the Islamic holy month of Ramadan, meaning most educational institutions across the country will remain shut during this period.

The decision comes as Bangladesh faces growing uncertainty over fuel and gas supplies following disruptions to global energy markets caused by the ongoing Middle East conflict.

The country relies on imports for about 95% of its energy needs, making it highly vulnerable to volatility in international fuel markets.Authorities imposed daily limits on fuel sales on Friday after panic buying and stockpiling intensified pressure on domestic supplies.

As part of wider efforts to reduce electricity consumption, the government has also asked foreign-curriculum schools and private coaching centres to suspend operations during the same period.

Severe gas shortages have already forced Bangladesh to halt operations at four of its five state-run fertiliser factories, redirecting available gas to power plants to prevent widespread electricity outages. The country has also turned to the spot market to purchase liquefied natural gas at sharply higher prices while seeking additional cargoes to bridge supply gaps.

“We are doing everything we can to reduce consumption and ensure stability in power, fuel and import supplies,” a senior energy ministry official said.