European gas prices rise 35 percent after energy strikes
European gas prices rose 35 percent on Thursday after strikes hit facilities in Qatar and Iran. The damage is expected to disrupt global supplies for years.
Global energy markets faced a historic shock on Thursday as natural gas prices in Europe surged by 35% following a series of military strikes on critical infrastructure in the Middle East. The escalating conflict between Iran and Israel has realized the industry's most severe fears, causing damage that experts suggest could take years to rectify.
The most significant disruption occurred at the Ras Laffan liquefied natural gas (LNG) facility in Qatar, the world’s largest LNG complex. An Iranian strike on the site destroyed two LNG trains, an event expected to reduce Qatari exports by approximately 17% for a period of three to five years. This attack followed an Israeli operation targeting the massive South Pars gas facilities within Iranian territory.
