Asian stock markets fell sharply on Thursday following coordinated attacks on natural gas facilities in Qatar, Iran, and the United Arab Emirates, which deepened turmoil in global energy supplies. Japan’s Nikkei 225 and South Korea’s KOSPI dropped nearly 3 percent, while Brent crude futures surged more than 4 percent to above $112 a barrel, the highest in over a week. The attacks came amid the effective closure of the Strait of Hormuz and ongoing disruptions to Gulf oil and gas exports.

Qatar reported significant damage to its main LNG export facility at Ras Laffan Industrial City after Iranian missile strikes, while its state-run QatarEnergy confirmed fires and further damage at several other sites. The UAE suspended operations at its Habshan gas facility and Bab oilfield after intercepting Iranian missiles, and Saudi Arabia said it thwarted drone and missile attacks on its own energy infrastructure. The escalation followed Iran’s pledge to retaliate for Israeli strikes on its South Pars gasfield.

Analysts warned that even limited physical damage could prolong supply disruptions. The conflict, which began with US-Israeli strikes on Iran on February 28, has already driven oil prices up more than 50 percent.