Oil and gas prices surge after Iran-Israel attacks on gasfields disrupt global energy supplies
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Summary
Gas prices hit four-year highs and oil prices surged after Iran and Israel attacked gasfields, raising fears of prolonged energy supply disruptions. QatarEnergy reported that Iran damaged facilities responsible for 17% of its LNG export capacity, with repairs expected to take three to five years. Brent crude briefly rose 10% to $119 a barrel before settling at $110, and crude prices have jumped 60% since the US-... The conflict escalation threatens global energy markets with sustained price increases.
Key quotes
· 3 pulledGas prices jumped to four-year highs and oil prices rose again after an escalation of attacks by Israel and Iran on gasfields heightened fears of prolonged disruption to international energy supplies.
QatarEnergy told Reuters on Thursday that Iran had damaged facilities that produced 17% of the state-owned company's liquefied natural gas (LNG) export capacity and that it would take three to five years to repair them.
Brent crude, the global oil benchmark, rose by 10% to $119 a barrel at one point before slipping back to $110 a barrel, a gain of 3.3%.
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