Oil markets were jolted on Monday as a widening wave of
Oil markets were jolted on Monday as a widening wave of attacks across the Middle East forced key producers to suspend output, sending crude prices sharply higher and raising fresh concerns about the security of global energy supplies.
Brent crude surged 13% to above $82 a barrel — its highest level since January 2025 — as shipping traffic slowed to a near halt in the Strait of Hormuz, the narrow waterway through which roughly one-fifth of the world’s oil flows. Traders reacted to mounting disruption across a region that remains central to global oil and gas production.
The escalation, now in its third day, has triggered precautionary shutdowns stretching from the Gulf to the eastern Mediterranean, according to reporting by Reuters.
Qatar halted production of liquefied natural gas (LNG) on Monday after two Iranian drones struck an energy facility operated by QatarEnergy, according to the government. Authorities said damage was still being assessed. The move added to anxiety in global gas markets already sensitive to supply interruptions.
QatarEnergy to stop production of LNG
Due to military attacks on QatarEnergy’s operating facilities in Ras Laffan Industrial City and Mesaieed Industrial City in the State of Qatar, QatarEnergy
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