Europe Gas Prices Soar 35% as Iran's Attacks Threaten Global Supply
Image Source: Internet
European natural gas prices skyrocketed 35% after Iran intensified attacks on energy infrastructure in the Gulf, causing extensive damage to Qatar's Ras Laffan LNG plant.
The world's largest liquefied natural gas export plant suffered significant damage, with sizable fires reported, according to Qatar Energy.
The plant typically produces about a fifth of global supply, and while shipments had already been halted earlier this month due to the war, the latest strikes threaten to keep gas prices in Europe and Asia higher for longer.
Asian countries buy most of the LNG shipped from the Middle East, and any prolonged disruption to flows would shrink the global supply balance, keeping prices elevated worldwide.
