DOHA – U.S. President Donald Trump called for de-escalation following Iranian and Israeli strikes on energy sites in the Middle East, actions that have disrupted global markets. Trump stated Israel will cease attacks on the South Pars gas field, shared with Qatar, but warned of a forceful response should Iran attack Qatar’s portion of the field.
Escalation of Attacks
Israel attacked the South Pars gas field – the world’s largest natural gas deposit – on March 18. Iran retaliated by targeting energy facilities in Qatar and Saudi Arabia with drones and missiles.
Qatar reported “extensive damage” to its major coastal energy hub, Ras Laffan Industrial City, from Iranian missile attacks. QatarEnergy, the state-owned petroleum company, reported fires and “extensive further damage” at its liquefied natural gas facilities.
Qatar’s Foreign Ministry denounced the assault as “a dangerous escalation” and a violation of its sovereignty, requesting that Iran’s military and security attaches depart within 24 hours.
Saudi Arabia said it intercepted and destroyed four ballistic missiles launched by Iran towards Riyadh. Foreign Minister Prince Faisal bin Farhan later indicated Saudi Arabia is considering “military action” in response to repeated attacks.
Regional Impact
In Kuwait, a drone attack on March 19 caused a “limited fire” at the Mina Al-Ahmadi oil refinery, which was subsequently extinguished with no injuries reported.
Brent crude prices rose above US$119 a barrel on March 19 as attacks continued. Stocks fell across Asia, with Japan’s Nikkei 225 down 3.38 percent, Hong Kong’s Hang Seng dropping 1.87 percent, Shanghai Composite shedding 1.39 percent, and South Korea’s Kospi falling 2.73 percent. European shares also slipped, with the pan-European STOXX 600 down 1.3 percent.
Futures for the S&P 500 pointed to a slight increase, despite the S&P 500 falling 1.4 percent on March 18, bringing its loss since the start of the conflict to 3.7 percent.
Trump’s Response and Potential Troop Deployment
Trump stated on X that Israel “violently lashed out” at South Pars “out of anger” and that Iran unjustifiably attacked Qatar’s LNG facility. He affirmed that the United States and Qatar were not involved in the attack on South Pars.
Trump promised that Israel would not further attack the South Pars Field unless Iran attacks Qatar. He warned that the U.S. would “massively blow up” the entirety of the South Pars Gas Field if Iran retaliates.
The U.S. is considering sending thousands more troops to the Middle East, potentially to secure the Strait of Hormuz, a critical oil trade route.
International Condemnation
Foreign ministers from 12 Muslim-majority countries meeting in Riyadh condemned Iran’s strikes and called for an immediate halt. They stated that targeting residential areas and civilian infrastructure, including oil facilities, airports, and desalination plants, is unjustified.
Prince Faisal of Saudi Arabia stated, “This pressure from Iran will backfire politically and morally, and certainly we reserve the right to take military actions, if deemed necessary.”
The United Arab Emirates shut down its Habshan gas facility after intercepting missiles in what its Foreign Ministry called a “terrorist attack” by Iran.
More than 3,000 people have been killed in Iran since the attacks began on Feb. 28, according to estimates from the U.S.-based Iran human rights group HRANA.
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