TechFlow News, March 19: According to JIN10 Data, oil and natural gas prices surged sharply amid escalating conflict in the Persian Gulf region, which risks inflicting long-term damage on major energy infrastructure. European natural gas futures soared approximately 35%, more than doubling pre-war levels, while Brent crude oil futures climbed to a high of $118 per barrel. An Iranian missile caused “severe damage” to a facility in Qatar housing the world’s largest liquefied natural gas (LNG) plant. Additionally, a natural gas facility in Abu Dhabi was forced to shut down after being struck by falling debris from an interception operation; two Kuwaiti refineries caught fire following drone attacks. A drone crashed onto a refinery near the Red Sea, and Saudi Arabia is currently assessing the damage from this attack. Furthermore, according to two sources, Saudi Arabia’s Yanbu Port has suspended oil loading operations. The attack on Qatar has sparked concerns that prolonged energy price increases may follow if the U.S. and Israel go to war with Iran. Although oil and natural gas shipments through the Strait of Hormuz could resume once hostilities end, any production facilities severely damaged in the region may require significantly longer to restore.
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