Blitz Bureau
NEW DELHI:As the West Asia conflict intensified after Iran’s strike on Qatar’s LNG facilities, oil and gas prices rose drastically on March 19 over fears of a global supply crunch, reported CNBC. Gas prices in Europe registered a 30 per cent increase. The front-month gas price at the Dutch Title Transfer Facility (TTF) hub, a European benchmark for natural gas trading, traded nearly 30% higher at 70.8 euros per megawatt-hour.
GB News reported that UK gas prices have also surged by more than 28 per cent. GB News said that as of 7:54 am (UK Time), UK gas prices were sitting at 173 per therm, which is up more than 24 per cent from the previous day. The report further noted that Qatar had already suspended LNG production on March 2 after Iranian drone attacks on Ras Laffan and Mesaieed Industrial City.
Qatat is the world’s second-largest LNG exporter after the U.S., accounting for nearly a fifth of global shipments, according to Kpler Bent crude rose above the $110-$115 per barrel range, reflecting heightened geopolitical risk and uncertainty over production and transport routes, especially through the Strait of Hormuz, a key artery for global oil shipments.
Tanker movement through the strait, which typically handles about 20% of global oil supplies, is now largely blocked, raising the risk of a deeper supply shock.
