Iran Strike on Qatar Gas Complex Disrupts Global Supply
Global energy prices rose on Thursday after an Iranian attack on Qatar's Ras Laffan LNG complex. Damage could take five years to repair and cut exports by 17%.
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Energy prices surged on Thursday after a strike by Iran on the world's largest liquefied natural gas (LNG) complex in Qatar caused damage that could take five years to repair. The attack represents the realization of the energy sector's worst fears regarding the conflict involving the United States and Israel.
Gas prices in Europe soared by as much as 35% during the day, while Brent Crude Oil jumped 10% before paring gains by the afternoon. The strike targeted the Ras Laffan plant, a critical node in the global energy supply chain.