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Iran launched a series of retaliatory strikes against the vital energy infrastructure in nearby Gulf states after Israel hit its largest gas field Wednesday.
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Global markets slid after the Federal Reserve held rates steady and warned of persistent inflation, while an Iranian missile strike caused "extensive damage" to Qatar's Ras Laffan LNG hub, heightening fears of a fresh energy shock.
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Oil prices jumped as markets react to escalating tensions after Qatar said Iranian missile strikes damaged a key liquefied natural gas export facility.
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Also, oil prices jump after airstrikes hit a crucial energy site. Here's the latest at the end of Wednesday.
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Iran's Revolutionary Guard had threatened to attack energy facilities in Qatar, Saudi Arabia and the United Arab Emirates.
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Jerome H. Powell, the chair of the Federal Reserve, emphasized the high degree of uncertainty stemming from the conflict as he acknowledged the potential for surging energy prices to lift inflation and dent growth.
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The strikes on a gas field in Iran and an industrial complex in Qatar appeared to be some of the most significant attacks on energy sites since the U.S.-Israeli air war against Iran began.
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