Multiple energy facilities in the Persian Gulf have been attacked, European natural gas futures surged approximately 35%, and Brent crude oil rose to $118 per barrel

Gate News: On March 19, multiple energy facilities in the Persian Gulf region were attacked, causing a sharp rise in oil and natural gas prices. European natural gas futures surged about 35%, reaching more than double pre-war levels; Brent crude oil futures (the international benchmark) rose to a high of $118 per barrel. Specific incidents include: an Iranian missile severely damaging a facility in Qatar that hosts the world’s largest liquefied natural gas plant; a natural gas facility in Abu Dhabi was forced to shut down after falling debris from intercepted operations; two Kuwaiti refineries caught fire due to drone attacks; a drone fell onto a refinery near the Red Sea, with Saudi Arabia assessing the damage caused by the attack. Additionally, according to two sources, Saudi Arabia’s Yanbu port has suspended oil shipments. The attack on Qatar has raised concerns about the potential for long-term energy price increases. While transportation of oil and natural gas through the Strait of Hormuz may resume once the conflict ends, any heavily damaged production facilities in the region could take longer to recover.