Oil and gas prices surged on Wednesday, March 18, after Iran struck the largest LNG plant in Qatar.
Details
— Brent oil rose by nearly 8% and reached $111.5 per barrel. American WTI oil increased by more than 4% and surpassed $100 per barrel.
— Natural gas on Nymex rose by more than 5%. Prices for natural gas in Europe increased by more than 6% — almost to 55 euros per megawatt-hour.
The initial rise in energy resource prices on Wednesday was triggered by Iran's threats to attack the energy infrastructure of neighboring countries, and then oil began to rise rapidly on news of an attack on a plant in Qatar, Bloomberg explains.
The Ras Laffan industrial complex in Qatar — the world's largest LNG export center — has suffered 'significant damage,' the country's authorities reported. Earlier, this facility was included by Iran in the list of potential targets in response to attacks on its oil and gas industry.
The current rise in prices reflects that the market is beginning to factor in the risk of a slower recovery in production after the conflict ends, said Tom Marzek-Manser, director of European gas and LNG at Wood Mackenzie. 'The likelihood of damage to production has now increased. Even after the opening of the Strait of Hormuz, the normalization of flows may take significantly longer,' he told Bloomberg.
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