Oil and Gas Prices Jump Amid Middle East Strikes

Energy markets have climbed sharply as Iran continues carrying out strikes across the Middle East in response to ongoing military action by the US and Israel.

Natural gas prices rose significantly on Monday after QatarEnergy, one of the world’s largest exporters, suspended production following what it described as “military attacks” on its facilities.

Oil markets also reacted, with Brent crude, the global benchmark, briefly reaching $82 (£61) per barrel on Monday. The spike followed reports that at least three vessels were targeted near the Strait of Hormuz over the weekend.

Meanwhile, Iran has since issued a warning to ships against transiting the strategic waterway along its southern coast. The Strait of Hormuz is a critical chokepoint for global energy supplies, with roughly 20 percent of the world’s oil and gas passing through the route.