"Global energy prices soared Thursday after Iran attacked two oil refineries in Kuwait and a key natural gas facility in Qatar that can supply one-fifth of the world's liquified natural gas. The attacks added to fears the energy crisis triggered by the closure of the Strait of Hormuz to tanker traffic may be longer and more extensive than feared, with lasting damage to oil and gas production."
"Brent crude, the international benchmark, rose nearly 6% to $113.77 per barrel, up from less than $73 per barrel on the eve of the war. The European TTF benchmark for natural gas prices traded 17% higher on Thursday and has doubled in the past month."
"If the disruptions from Iran's attacks on its Gulf Arab neighbors' energy infrastructure keep oil and gas prices high for long, they could create a debilitating wave of inflation for the global economy."
Iran attacked two Kuwaiti oil refineries and Qatar's Ras Laffan LNG terminal, a facility supplying approximately 20% of global liquified natural gas. These strikes, combined with the closure of the Strait of Hormuz to tanker traffic, triggered significant energy price increases. Brent crude rose nearly 6% to $113.77 per barrel, while European natural gas prices jumped 17% and have doubled over the past month. The disruptions threaten prolonged global inflation if prices remain elevated. U.S. stock futures declined ahead of market opening, with the Federal Reserve maintaining interest rates and projecting minimal cuts due to inflation concerns and geopolitical uncertainty. Precious metals and mining stocks also declined, with gold falling 4% and silver dropping 8.7%.
Read at Fast Company
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