Oil prices surged above $110 a barrel on Wednesday after Iran launched a missile strike on a major liquefied natural gas facility in Qatar, raising fears of supply disruptions as fighting between Israel and Iran intensifies.

Brent crude, the global oil benchmark, rose to around $111 per barrel after the strike on the Ras Laffan Industrial City gas complex, the world’s largest liquefied natural gas export hub.

State energy firm QatarEnergy said the facility had been hit by a missile that caused a fire and “extensive damage,” though all personnel were accounted for and no casualties were reported.

Ras Laffan processes roughly 20 percent of global LNG supplies, making it a critical node in the world’s energy system.

Iran had earlier warned it would target energy infrastructure across the Gulf following Israeli and U.S. strikes on Iranian gas facilities earlier in the conflict.

The strike marks a widening of hostilities in a war that has increasingly targeted economic and energy assets rather than purely military sites.

Qatar said it had expelled Iranian diplomats following the attack and warned of further measures if Tehran continued what it described as hostile actions.

The escalation also drew reaction from Donald Trump, who said on X that Israel would not carry out further strikes on Iranian energy infrastructure, signalling Washington may be seeking to prevent the conflict from expanding into a broader energy crisis.