Iran’s ongoing conflict with the US and Israel, which began with strikes on Iranian targets on February 28, 2026, has driven repeated Iranian missile and drone attacks on Qatari territory, including damage to the Ras Laffan LNG complex and the Al Udeid Air Base hosting US forces. These actions reflect Tehran’s strategy of targeting Gulf states perceived as enabling operations against it, while disrupting energy exports and navigation through the Strait of Hormuz. Qatar has condemned the strikes as sovereignty violations yet continues mediation between Washington and Tehran, with recent high-level visits and calls for a regional security framework. Trader assessments of near-term targeting hinge on whether diplomatic channels and de-escalation talks outweigh escalation risks tied to US base access and LNG infrastructure.