Gas prices soared and oil prices soared again after Iran and Israel stepped up attacks on each other’s energy facilities.
The attacks have raised fears of a prolonged disruption to meet global energy demand.
To put it in context, Brent crude oil, the main global price indicator, rose 8% to $116 a barrel.
Crude oil prices have risen approximately 60% since the United States and Israel launched a military campaign against the Persian state on February 28, 2026.
On the other hand, gas prices in Europe have also increased: the wholesale price of Dutch gas increased by up to 24%, to 68 euros per megawatt hour, the highest since December 2022.
Energy traders are addressing intensified retaliatory attacks by both sides, as Iran has fully accelerated its response, targeting energy facilities in the Middle East, causing significant damage to Ras Laffan.
For context, Ras Laffan is the world’s largest liquefied natural gas (LNG) facility in Qatar.
Following the attacks, emergency teams were sent to control fires at LNG export facilities, according to a statement from QatarEnergy on social media.
Amid clouds of new US attacks on Iranian energy facilities, President Donald Trump has threatened to “massively blow up” South Pars entirely if Iran attacks Qatar again.
Israel’s decision to attack the South Pars gas field was an important sign that more fuel was being added to the fire as the conflict entered its third week, experts say.
