Global Oil Prices Soar to $114 as Iran Attacks Gulf Energy Facilities
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Global oil and natural gas prices skyrocketed Thursday after Iran attacked a key natural gas facility in Qatar and two oil refineries in Kuwait. The attacks have heightened fears of an extended energy crisis, with lasting damage to oil and gas production.
Brent crude, the international benchmark, surged to near $114 per barrel, up from under $73 per barrel before the war. The European TTF benchmark for natural gas prices traded 24% higher on Thursday.
The Iranian attack hit the Ras Laffan terminal for shipping out liquefied natural gas in Qatar, which normally supplies 20% of the world's consumption of LNG. The facility shut down after a drone attack, leaving the gas with nowhere to go.
World shares retreated as oil prices resumed their climb, with U.S. stocks sagging due to a report that said inflation was primed to worsen even before the war with Iran sent oil and gas prices spiking.
