Qatar Declares Force Majeure on LNG Contracts After Iran Attack on Ras Laffan; Brent Crude Climbs Back Above $103

QatarEnergy invoked force majeure on long-term LNG supply contracts to Italy, Belgium, South Korea, and China following Iran's attack on the Ras Laffan production facility. The declaration disrupts supply to major European and Asian customers. Meanwhile, Brent crude climbed above $103 after falling roughly 11% to $99 Monday on Trump's diplomacy pivot, then recovering as fresh overnight fighting between Israel and Iran dimmed de-escalation hopes. A separate refinery explosion at the Valero facility in Port Arthur, Texas added to upward price pressure.