Rising military tensions involving Iran, the United States, and Israel have triggered significant volatility in global energy markets. Following reported drone attacks on major energy facilities, Qatar’s state-owned energy giant QatarEnergy announced a temporary suspension of parts of its liquefied natural gas (LNG) production operations for security reasons.

The conflict has had an immediate impact on global oil prices. The international benchmark Brent Crude surged to around $82 per barrel, while natural gas prices also recorded sharp gains.

At the center of the crisis lies the strategically crucial Strait of Hormuz, a narrow waterway through which nearly 20 percent of the world’s oil and gas supply passes. Iran has issued warnings about restricting maritime traffic through the strait. Reports of attacks on commercial vessels have already led to dozens of tankers anchoring outside the passage, disrupting normal shipping activity.

In Saudi Arabia, the Ras Tanura refinery operated by Saudi Aramco was temporarily shut down following a drone strike. Meanwhile, global shipping giant Maersk has suspended transit through key Middle Eastern routes, rerouting vessels around the Cape of Good Hope, increasing shipping time and costs.

Financial markets reacted with volatility. Although the Nasdaq Composite and S&P 500 recovered from early losses, European indices posted significant declines. Energy and defense stocks gained, but banking shares fell amid concerns that rising oil prices could reignite inflation and delay interest rate cuts by central banks.

Analysts warn that if the conflict continues, oil prices could exceed $100 per barrel, intensifying global inflationary pressures and complicating monetary policy decisions.

For Bangladesh, the situation presents serious risks. About 42 percent of the country’s imported LNG comes from Qatar under a long-term agreement of 40 cargoes annually. A prolonged disruption could affect gas-based power generation and increase the likelihood of electricity shortages.

Authorities have indicated that most scheduled March cargoes are already en route, and contingency measures are being considered. However, sustained instability in the region could pose broader risks to energy security and economic stability.