Oil prices in the United States turned lower on Thursday after Israel stated it was assisting in reopening the critical Strait of Hormuz shipping route. The international benchmark, Brent crude futures for May delivery, fell approximately 2% to $104.79 per barrel, after briefly climbing above $119 per barrel during the session before reversing course. U.S. West Texas Intermediate crude futures declined more than 3% to $93.33 per barrel after gaining earlier in the day. According to a news report, U.S. oil prices dropped after Israeli Prime Minister Benjamin Netanyahu told media that Israel was assisting the United States in opening the Strait of Hormuz. Netanyahu also stated that Iran had lost its capability to enrich uranium and produce ballistic missiles. The Prime Minister added that the war could end sooner than people think. U.S. Vice President attended a meeting on Thursday with members of the American oil industry hosted by the American Petroleum Institute. API President and CEO Mike Sommers told media after the meeting that opening the Strait of Hormuz was a "top priority" for the administration. Sommers said on Thursday, "We need the strait open. There is no alternative at the moment." A White House official confirmed to media that restrictions on oil and gas exports are not currently under consideration. The benchmark for European gas trading, the Dutch Title Transfer Facility hub's near-month gas price, rose over 11% to around €61 per megawatt-hour. U.S. natural gas prices were last up 1.7%, trading at $3.116 per million British thermal units. Meanwhile, NYMEX RBOB gasoline futures for April delivery fell 1% to $3.05 per gallon, after hitting a near four-year high earlier. Qatar stated that an Iranian missile attack caused "extensive damage" to its Ras Laffan Industrial City - the world's largest liquefied natural gas export facility. QatarEnergy posted on social media that emergency crews had been dispatched to fight the fire at Ras Laffan, adding that there were no immediate reports of casualties. QatarEnergy's CEO Saad Al-Kaabi said the Iranian attack had damaged 17% of the country's LNG export capacity. Qatar's Interior Ministry later stated that the fire had been brought under control. Qatar's Foreign Ministry condemned the attack as a "dangerous escalation" and a "blatant violation of sovereignty," warning that it threatened national security and regional stability. It added that Qatar reserves the right to respond in accordance with international law. Saudi Arabia and the United Arab Emirates remained on alert following an Israeli attack on an Iranian gas processing facility. Qatar had suspended LNG production on March 2nd following Iranian drone attacks on the Ras Laffan and Mesaieed industrial cities. According to Kpler data, the country is the world's second-largest LNG exporter after the United States, accounting for nearly one-fifth of global shipments. The escalating attacks on energy infrastructure in the Middle East could deepen supply disruptions caused by the Iran war. Shipments through the Strait of Hormuz, which handles about 20% of the world's oil supply, are largely obstructed. India's External Affairs Minister, Randhir Jaiswal, told foreign media via telephone that India is in ongoing discussions with Iran to allow 22 vessels to pass through the strait. Jaiswal said two vessels had already arrived in India via the route. Jaiswal stated that India continues to increase its energy purchases from Russia. Tom Kloza, Senior Energy Advisor at , warned that if the conflict spreads beyond the Gulf and begins targeting energy infrastructure in other regions like Europe or the United States, markets could enter a "anything is possible" scenario. He said, "Can you imagine the world's reaction if [Iran] struck outside the Persian Gulf, say a refinery in Rotterdam or a facility somewhere in the U.S.? Then anything is possible, and oil prices could become truly horrific." Such a shift would mark a move from limited geopolitical risk to a global supply shock, where traditional pricing models and risk assumptions would no longer apply. In such a scenario, fears of widespread disruptions to refining and fuel distribution could trigger extreme volatility, with oil and gas prices spiking sharply as traders price in worst-case scenarios and scramble to secure supplies. Dan Pickering, Founder and Chief Investment Officer of Pickering Energy Partners, said, "We are moving from supply chain issues to potential supply issues. There's a big difference between the two. Supply chain issues can be resolved quickly." He added, "If you start impacting production capacity, whether it's LNG or oil, suddenly you can't move the same volumes because the production itself isn't there. That is an escalation."