Iran Attack Sparks Global Energy Crisis

Global oil and natural gas prices surged after Iran attacked a critical gas facility in Qatar and oil refineries in Kuwait. The incidents intensified fears of a prolonged energy crisis, highlighted by the closure of the Strait of Hormuz. Brent crude oil prices soared to nearly USD 114 per barrel.

Global oil and natural gas prices soared on Thursday following an Iranian attack on a key natural gas facility in Qatar, responsible for supplying one-fifth of the world's gas, and two oil refineries in Kuwait.

The attacks have intensified fears of a prolonged energy crisis, exacerbated by the closure of the Strait of Hormuz to tanker traffic, potentially causing lasting damage to oil and gas production.

Brent crude, the international oil benchmark, surged to nearly USD 114 per barrel, a significant increase from under USD 73 per barrel prior to the crisis. Additionally, the European TTF benchmark for natural gas prices saw a 24 percent rise following the developments.

(With inputs from agencies.)