Europe scrambles to limit effects of energy escalation in Iran war

(Reuters)

DOHA/RIYADH, March 19 – European countries scrambled to cushion the impact of soaring ​oil prices on Thursday after tit-for-tat strikes on Gulf energy plants, including the world’s largest gas plant in Qatar – the most economically significant escalation of the U.S.-Israeli war on Iran.

State oil giant QatarEnergy reported “extensive ‌damage” after Iranian missiles hit the Ras Laffan Industrial City, which processes about a fifth of the world’s liquefied natural gas, in response to Israel’s bombing of Iran’s major gas field. Saudi Arabia’s back-up oil port on the Red Sea was also attacked.

The seemingly precise strikes were a dramatic demonstration of Iran’s continuing ability to exact a heavy price for the U.S.-Israeli campaign and the limits of air defences to protect one of the Gulf region’s most valuable and strategic assets.

They also suggested a lack of coordination of strategy and war aims between the two main ​aggressors almost three weeks into the war.