Saudi's Yanbu port, currently the only crude export outlet, hit
What's the story
Saudi Arabia's Red Sea port of Yanbu, currently the only export outlet for any crude oil out of Gulf Arab countries, was targeted in an aerial attack, Reuters reported. The strike had minimal impact on operations at Saudi Aramco's SAMREF refinery in Yanbu. The attack comes after Iran's Islamic Revolutionary Guard Corps (IRGC) issued evacuation warnings to several oil facilities across Saudi Arabia, the UAE, and Qatar, including the Saudi Aramco ExxonMobil joint venture SAMREF refinery at Yanbu.
Escalating tensions
Attack on Yanbu port threatens global oil supply
Iran issued the evacuation warning after Israel struck its South Pars gas field, escalating the conflict in the region. The attack on Yanbu port threatens global oil supply, as it is one of two main export outlets for crude oil from Gulf Arab countries. The other outlet, UAE's Fujairah port, has also been attacked multiple times, suspending its operations.
Missile damage
QatarEnergy reports extensive damage at Ras Laffan LNG site
After Iran's warning, QatarEnergy on Wednesday reported extensive damage from Iranian missile attacks on Ras Laffan, Qatar's core LNG processing site. The Ras Laffan facility, located 80km northeast of Doha, is the world's largest liquefied natural gas (LNG) production site and accounts for around 20% of global LNG output. The Qatari Foreign Ministry has confirmed that the missile strikes caused "significant damage."
Contingency measures
Energy becoming a weapon of war
The attack on South Pars, the world's largest natural gas reserve, was the first time Israel targeted Iranian natural gas production infrastructure since the war began. Until March 17, the US and Israel had refrained from striking Iran's energy production facilities in the Gulf. Only military facilities were targeted even when the US bombed Kharg Island, which serves as the hub for 90% of Iran's oil exports, last week.