Missiles are flying overhead and being intercepted in the Gulf region. Days after the US and Israel attacked Iran, it fired back, sending waves of ballistic missiles and drones towards Israeli and US targets, including assets in the Gulf.

The escalation quickly spread to regional energy infrastructure. Saudi Aramco’s Ras Tanura refinery halted operations of its 550,000-barrels-per-day production, after reported drone strikes. The Mina Al Ahmadi refinery in Kuwait, with a capacity of around 346,000 bpd, was reportedly hit by debris. Qatar faced blows that led to a complete halt of LNG production, affecting 20 per cent of the world’s supply, with implications for Europe’s energy security and ripple effects across Asia.

Ports have also been struck. The UAE’s Jebel Ali was targeted and Duqm in Oman was hit by drones, underscoring vulnerability even outside the Strait of Hormuz, the world’s most contentious chokepoint and a passageway for about 20 per cent of global oil.

In this episode of Business Extra, host Salim Essaid looks at how quickly global energy markets are reacting and what wider repercussions could follow if assaults continue.

He is joined by The National’s Jennifer Gnana to unpack what is happening on the ground, and Robin Mills, chief executive of Qamar Energy, to examine the broader worldwide implications and the potential cross-industry impact.