Analysis: Due to the continuous escalation of attacks on Gulf facilities, oil and gas prices are soaring

Deep Tide TechFlow News, March 19 — According to Jin10 Data, ongoing conflicts in the Persian Gulf region could cause long-term damage to major energy facilities, leading to a sharp rise in oil and natural gas prices. European natural gas futures surged by about 35%, reaching more than double pre-war levels, while Brent crude futures climbed to a high of $118 per barrel. An Iranian missile caused “serious damage” to a facility owned by Qatar’s massive liquefied natural gas plant. Additionally, a natural gas facility in Abu Dhabi was forced to shut down after falling debris from intercepted operations struck it, and two oil refineries in Kuwait caught fire due to drone attacks. A drone fell near a refinery in the Red Sea, and Saudi Arabia is assessing the damage caused by the attack. Moreover, according to two sources, Saudi Arabia’s Yanbu port has suspended oil shipments. The attack on Qatar has raised concerns that, due to the US and Israel’s conflicts with Iran, long-term energy prices could rise further. While transportation of oil and natural gas through the Strait of Hormuz may resume once the conflict ends, any severely damaged production facilities in the region could take longer to recover.