Attack in Qatar, gas prices rise in Europe / Doubled, oil at 113 USD per barrel

Gas prices have risen sharply following Iran’s attack on the main Ras Laffan facility in Qatar. In wholesale markets in the United Kingdom and other parts of Europe, at the opening of trading, prices had increased by over 25% before easing slightly later.

The BBC says the current level is below the peak reached earlier this month, but it is still more than double the level recorded before the start of the conflict.

Oil is also trading around 5% higher, reaching 113 dollars per barrel.

The latest fluctuations are attributed to two recent waves of Iranian attacks, which caused “significant damage” to Qatar’s main gas hub, according to the country’s state energy company. Qatar stated that Iranian missiles caused considerable damage in the industrial city of Ras Laffan.

“The State of Qatar strongly condemns the targeting of Ras Laffan, which caused fires resulting in major damage to the facility,” said a statement from the Ministry of Foreign Affairs. This marks the escalation that Gulf Arab states had feared. What began nearly three weeks ago as a response to the US-Israeli offensive against Iran, where Iranian missiles mainly targeted Israel and US bases in the region has now turned into attacks on the energy sector. Oil, gas, and petrochemical products are what have transformed these countries into extremely wealthy states within just a few decades.

Qatar, according to the BBC, is particularly angered because both privately and publicly it had advised the United States not to attack Iran in February. Despite Gulf Arab states having highly effective air defense systems, several Iranian ballistic missiles were intercepted over Riyadh last night, precisely while a ministerial meeting of 12 Muslim-majority countries was taking place, clearly demonstrating that Iran’s arsenal poses a threat and that some of its missiles have managed to evade air defenses.

“KORÇA BOOM”