Mapping the Iran war’s strikes on Gulf energy – and what comes next for oil

What the report says

Al Jazeera reports that the war involving Iran has disrupted Gulf energy flows while also lifting profits for some US oil companies. The closure of the Strait of Hormuz, along with attacks on energy-linked infrastructure, has pushed Brent crude higher and helped firms such as ExxonMobil and Chevron post strong quarterly results. At the same time, the article says those same companies face growing exposure in the Gulf, where they hold stakes in production, LNG, refining and pipeline projects.

The report says the most vulnerable assets include ExxonMobil’s and ConocoPhillips’ interests in Qatar’s LNG sector, ExxonMobil’s holdings in the UAE, Chevron’s operations in Saudi Arabia, and Occidental Petroleum’s business in Oman. It cites market research suggesting US companies’ share of Gulf oil and gas supply could fall sharply this year if disruption continues. The article also notes that Chevron has comparatively limited regional exposure, while ExxonMobil has been more affected by reduced output from the Middle East.

Al Jazeera further says attacks have hit oil refineries, gas complexes, power plants and desalination facilities across Gulf Cooperation Council states since the war began on February 28. Kuwait, the UAE and Bahrain have seen many of the strikes, and Saudi Aramco facilities have also been targeted. The broader significance, according to the report, is that even if higher prices support near-term earnings, prolonged conflict could delay projects, weaken future growth plans and keep global energy markets under pressure.