Gas prices soared and oil prices climbed further after Iran and Israel stepped up attacks on each other’s energy facilities.
The attacks have raised fears of prolonged disruptions to meeting global energy demand.
As a reminder, Brent crude, the key indicator of world prices, recorded an increase of 8% to 116 dollars per barrel.
Crude prices have increased by approximately 60% since the United States and Israel launched a military campaign against the Persian state on February 28, 2026.
On the other hand, European gas prices also jumped, with the Dutch wholesale gas price increasing by 24% to €68 per megawatt hour, the highest since December 2022.
Energy traders are facing increased retaliation from both sides, as Iran has gone all-out in its response, targeting Middle East energy facilities, causing major damage to Ras Laffan.
As a reminder, Ras Laffan is the world’s largest liquefied natural gas (LNG) facility in Qatar.
Following the attacks, emergency teams were sent to control fires at the LNG export facility, according to a statement posted on social media by QatarEnergy.
Amid new U.S. attacks on Iranian energy facilities, President Donald Trump has threatened to “massively blow up” South Pars if Iran attacks Qatar again.
Experts say Israel’s decision to strike the South Pars gas field is a major sign that adds fuel to the fire as the conflict enters its third week.
