The price of Brent crude futures rose to $114.13 per barrel on Thursday after strikes on key energy infrastructure in the Middle East heightened concerns over a potential global supply squeeze.

Qatar said on Wednesday that Iranian missile strikes had damaged a major liquefied natural gas export facility.

The attack followed Tehran’s warning that it could target energy installations in Qatar, Saudi Arabia and the United Arab Emirates after Israel struck a natural gas processing plant in Iran.

International benchmark Brent crude futures for May delivery rose 6.3 per cent to $114.13 per barrel, while U.S. West Texas Intermediate futures gained 0.5 per cent to $96.88.

Gas prices also surged sharply. The front-month gas contract at the Dutch Title Transfer Facility—a key European natural gas benchmark, jumped nearly 30 per cent to 70.8 euros ($81.2) per megawatt-hour.

Iranian missile strikes caused “extensive damage” at Ras Laffan Industrial City, the world’s largest LNG export facility, Qatar said.

Emergency crews were deployed to extinguish fires at Ras Laffan, QatarEnergy said in a social media post, adding that no casualties were reported.

Qatar’s Interior Ministry later confirmed that the blaze had been brought under control.

Qatar had already suspended LNG production on March 2 following Iranian drone attacks on Ras Laffan Industrial City and Mesaieed Industrial City.

The country is the world’s second-largest LNG exporter after the United States, accounting for nearly a fifth of global shipments, according to Kpler.

The escalating attacks on Middle East energy infrastructure are raising fears of a deeper supply shock linked to the Iran conflict.

Tanker traffic through the Strait of Hormuz, which handles about 20 per cent of global oil flows—is now largely disrupted.