Bangkok, March 19
Global oil and natural gas prices rose on Thursday after Iran attacked a major natural gas facility in Qatar, which could affect supplies accounting for nearly one-fifth of the world’s gas output. At the same time, attacks on two oil refineries in Kuwait have further intensified fears that the energy crisis triggered by the closure of the Strait of Hormuz to tanker traffic could last longer and become more widespread than initially expected, potentially causing lasting damage to oil and gas production.
Brent crude, the international benchmark, climbed close to $114 per barrel, up sharply from less than $73 per barrel on the eve of the war. On Thursday, the European TTF benchmark for natural gas prices was trading 24 percent higher.
The Iranian strike affected the Ras Laffan terminal in Qatar, a key hub for liquefied natural gas shipments. Qatar normally supplies about 20 percent of the world’s LNG, which is transported by ship. Following the drone attack, the facility was shut down. With the Strait of Hormuz closed to tanker movement, most LNG carriers now have nowhere to go.
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