Iran's drone strikes on Gulf energy infrastructure have demonstrated a terrifying new vulnerability, forcing Saudi Arabia's Ras Tanura refinery offline and crippling QatarEnergy's Ras Laffan LNG plant, a fifth of global supply. Joint US-Israeli strikes last weekend drew immediate Iranian retaliation, targeting vessels in the Strait of Hormuz and sites across the region. This has paralyzed the world's largest LNG plant and Saudi Arabia's biggest refinery, raising fears of even more devastating attacks on the East-West pipeline or Dhahran headquarters.

The immediate market impact is stark: Goldman Sachs and Wood Mackenzie warn sustained disruption could push crude prices above $100 per barrel, spiking fuel costs and inflation globally. About 100 vessels and 20mn barrels of oil daily traverse the strait, now facing a 90% transit drop after nine tankers hit since the war began.