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2026-03-20 09:15:37
[Iran and Israel Attack Energy Facilities, European Gas Prices Surge 35%] 1. European gas prices surged as much as 35% on Thursday as Iran and Israel targeted the Middle East's most important gas infrastructure, causing damage that could take years to repair. Since the start of the US-Israel war against Iran, attacks on energy facilities have made the energy industry's deepest fears a reality—that regional conflict will cause long-term disruption and shortages to global energy supplies. 2. Iran attacked Qatar's Ras Lafan LNG facility—the world's largest LNG complex—damaging two production lines and potentially reducing Qatar's LNG exports by about 17% over the next three to five years. The CEO of Qatar Energy stated that they may have to declare force majeure on long-term contracts with Belgium, China, Italy, and South Korea. This came a day after Israel attacked Iran's South Pars gas field. 3. Analysts say the attacks mark a sharp escalation of the conflict, impacting the lifeline of the global energy system. Saxo Bank strategists point out that the growing risk of stagflation is unsettling the market. The IMF warned that a 10% increase in energy prices lasting approximately one year would push up global inflation by 40 basis points and reduce economic output by 0.1% to 0.2%. Trump stated that he had asked Netanyahu to cease attacks on Iranian energy facilities, and Israel pledged to comply. Iran's Foreign Minister warned of "no mercy" in retaliation should infrastructure be attacked again. Six countries—Britain, France, Germany, Italy, and Japan—jointly called for an immediate halt to attacks on oil and gas facilities and stated they were cooperating with energy-producing countries to stabilize the market. Since the start of the attack in late February, European natural gas prices have doubled.
