Qatar has halted production of liquefied natural gas and tanker traffic has virtually stopped at the Strait of Hormuz, as Iranian attacks raise the risks for the global economy.

An Iranian drone struck Saudi Aramco's Ras Tanura oil facility, causing a fire. As per initial information there are no casualties however, the attack prompted the temporary shutdown of the refinery.

Saudi Arabia’s Ministry of Defense spokesperson, Major General Turki al-Maliki, announced on Monday that two drones were intercepted and destroyed after attempting to target the Ras Tanura refinery, confirming the attack was successfully thwarted.

Saudi Arabia’s state oil giant, Saudi Aramco, shut down its Ras Tanura oil refinery on Monday following reports of a drone strike at the facility, according to Reuters and Bloomberg. News of the shutdown triggered a sharp reaction in energy markets, with Brent crude oil prices jumping 9.32 per cent.

Prince Williams trip to Saudi Arabia to meet with Crown Prince Mohammed bin Salman came at a crucial time for the U.K. but the former Prince Andrew loomed.

MOSCOW, March 2 (Reuters) - Russian President Vladimir Putin discussed risks of escalation around Iran in a phone call with Saudi Arabia's Crown Prince Mohammed bin Salman on Monday, the Kremlin said in a statement.

However, the 2026 calendar features a number of visits to the Middle East in the relatively near future. Following stops in China and Japan after Australia, F1 is due to return to Bahrain for the Bahrain Grand Prix on the 12th April. That race is scheduled to be followed by the Saudi Arabian Grand Prix just one week later.

Strikes on sites in Qatar and Saudi Arabia forced the closure of key production facilities and added to growing worries about global oil and gas supplies.