U.S. President Trump warns of devastating response if Tehran persists in targeting the region’s oil and gas production.

The Iran war is underscoring the risks of President Donald Trump’s relentless focus on fossil fuels as he pursues what he calls American energy dominance

President Donald Trump pressed for a de-escalation of attacks on Middle East energy assets after Iranian and Israeli strikes on major gas hubs jolted global markets.

Iran hit a Saudi refinery on the Red Sea and set Qatari liquefied natural gas facilities and two Kuwaiti oil refineries ablaze, sending international oil and gas prices soaring Thursday

The United Arab Emirates early Thursday denounced Iran’s attacks targeting its Habshan gas facility and Bab field as a “dangerous escalation” as Israel and the United States escalate their war on the Islamic Republic.

Oil and European natural gas prices surged after Iran carried out an attack on a major LNG site in Qatar, after earlier warnings from Tehran on threats to energy facilities across the Gulf.

Oil and natural gas prices spiked Wednesday following reports of the first attacks on Iranian production facilities in the war. The incidents mark an escalation in the conflict, which has so far largely spared Iran’s energy infrastructure.

U.S. stocks slumped after a report said inflation was primed to worsen even before the war with Iran sent oil prices spiking. That and comments from the head of the Federal Reserve pushed Wall Street on Wednesday to see less chance of getting the lower interest rates that it loves.