Gulf economies face long-term hit from Iran conflict
An Iranian ballistic missile struck the main Ras Laffan gas complex, knocking out an estimated 17% of global LNG supply. Kenya breaking news | Kenya news today |..
✨ Key Highlights
A recent conflict involving Iran has severely impacted Gulf economies, with an attack on Qatar's main LNG complex causing significant disruption and financial loss.
- An estimated 17% of global LNG supply was knocked out, with repairs expected to take three to five years.
- Key actors include QatarEnergy, led by CEO Saad Al Kaabi, and Iran, whose actions stem from an earlier Israeli strike on its South Pars gas field.
- The overall damage across the Gulf states is estimated at up to $58bn, with the World Bank cutting its Middle East growth forecast.
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Shell Profits Rise as Iran War Pushes Oil Prices Higher - May 2026
Oil giant Shell has reported a significant profit increase for the first quarter of the year, driven by elevated oil prices stemming from the Iran war. A recent conflict involving Iran has severely impacted Gulf economies, with an attack on Qatar's main LNG complex causing significant disruption and financial loss. Meanwhile, holidaymakers are being reassured that flights to and from the UK are largely unaffected by soaring jet fuel prices, despite a global cut of 13,000 flights in May.
