Qatar's gas supply under threat after Iran attack
European gas prices shot up by over 30% early Thursday after Iran launched missiles at Qatar's Ras Laffan Industrial City, the world's biggest LNG export hub.
Since this site supplies about 20% of global LNG, the attack has everyone worried about possible shortages and higher energy bills.
Missiles hit Ras Laffan, sparking fires
Missiles hit Ras Laffan on Wednesday, damaging key facilities and sparking fires.
By Thursday morning, more strikes followed, but thankfully all staff were safely evacuated.
QatarEnergy confirmed extensive damage; Qatar's interior ministry said the fires were under control.
Europe bracing for months of tight gas supplies
Qatar quickly condemned the attack as a breach of its sovereignty and expelled Iranian diplomats within a day.
With memories still fresh from a drone strike in March that briefly shut down production for the first time in decades, there's real concern about how long repairs might take.
Meanwhile, Shell is checking if its investments will be affected, and Europe is bracing for months of tight gas supplies, especially with Asian demand staying high.