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

Key Highlights

• Shell’s Pearl facility in Qatar and the Samref refinery in Saudi Arabia, co-owned by Exxon, sustained damage from Iranian strikes
• Crude oil surged 3% to reach $109 per barrel, with brief spikes touching $120
• QatarEnergy confirmed significant damage to LNG infrastructure at the Ras Laffan complex
• President Trump issued warnings to Iran, threatening retaliation if Qatari LNG facilities face additional attacks
• Energy infrastructure in Kuwait, UAE, and Saudi Arabia also suffered drone and missile attacks

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A coordinated series of Iranian strikes targeting energy infrastructure throughout the Middle East over the last day has impacted major facilities operated by Shell and Exxon Mobil.

Oil prices climbed approximately 3% to reach $109 per barrel in the aftermath of these attacks. Markets saw temporary spikes to $120 before settling lower. Trading on Thursday showed Exxon shares gaining 1.2%, whereas Shell experienced a 0.6% decline.

Exxon Mobil Corporation, XOM

The Samref refinery located in Yanbu, Saudi Arabia, was struck by a drone attack. This facility operates as a joint venture between Saudi Aramco and Exxon, with each company maintaining a 50% ownership stake. The refinery has the capacity to process 400,000 barrels of crude oil daily.

Yanbu’s strategic position on the Red Sea has elevated its importance as a vital oil export terminal. With Iran’s blockade of the Strait of Hormuz and ongoing attacks on vessels in the Persian Gulf, Saudi Arabia has shifted oil exports through the East West Pipeline to Yanbu.

Rystad Energy’s analyst Aditya Saraswat cautioned that any significant disruption at Yanbu could eliminate 5 to 6 million barrels per day from global markets, potentially driving prices toward $150 or beyond.

Saudi defense systems successfully intercepted a ballistic missile targeting Yanbu. Assessment of the damage to the Samref refinery remains ongoing. Aramco has not issued a statement, and Exxon has yet to provide a response.

Qatar’s Pearl Facility Suffers Iranian Strike

Iranian missile attacks also targeted Ras Laffan Industrial City in Qatar, which houses Shell’s Pearl plant—the world’s largest gas-to-liquids operation. Shell confirmed that a fire erupted at the Pearl facility but was rapidly extinguished. The company reported the plant has been secured in “a safe state,” with zero casualties.

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

QatarEnergy, ranking as the world’s second-largest LNG exporter, acknowledged “extensive damage” to LNG processing operations at Ras Laffan. All fires were contained by Thursday morning, and no injuries were recorded.

Qatar’s annual LNG production stands at 77 million metric tons. Any prolonged disruption at Ras Laffan could have significant ramifications for global natural gas markets.

Presidential Warning to Tehran

Trump disclosed that Israel had previously struck South Pars without prior notification to either the U.S. or Qatar. Qatar’s foreign ministry ordered the expulsion of Iran’s security and military attachés within a 24-hour timeframe and characterized the Ras Laffan assault as a “direct threat” to the nation’s security.

In Kuwait, drone strikes targeted two refineries—Mina al-Ahmadi and Mina Abdullah—igniting fires at both locations. The UAE implemented shutdowns at the Habshan gas facilities and the Bab oil field following missile interceptions. Neither country reported casualties.

Shell confirmed that damage assessment activities at the Pearl facility continued as of Thursday.

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