economy
March 2, 2026
Gas prices soar and oil jumps as Iran war pushes down global stock markets
QatarEnergy says it has halted production of liquefied natural gas after attacks on Ras Laffan and Mesaieed sites
TL;DR
- Gas and oil prices surged due to increased disruption from the US-Israel war on Iran.
- QatarEnergy halted liquefied natural gas (LNG) production after attacks on its facilities in Ras Laffan and Mesaieed.
- The shutdown at Qatar's export facility could result in a loss of nearly 20% of global LNG supply.
- European and UK gas benchmark prices jumped significantly.
- Oil prices, particularly Brent crude, rose sharply, reaching a 14-month high.
- The conflict caused major European and Asian stock markets to fall, while defense stock shares increased.
- The Strait of Hormuz, a vital global trade artery, faced effective closure, intensifying supply concerns.
- Two ships were attacked in the Strait of Hormuz, and shipping companies were urged to exercise caution or avoid the area.
- Oil prices could exceed $100 a barrel if flows through the Strait of Hormuz are not restored.
- Gold prices rose as investors sought safe-haven assets during the crisis.
- The conflict has the potential to further increase petrol prices in the UK.
Continue reading the original article