Energy Facilities Attacked in Iran and Qatar, Sending Prices Soaring
The strikes appeared to be some of the most significant attacks on energy sites since the U.S.-Israeli air war against Iran began almost three weeks ago.
The strikes appeared to be some of the most significant attacks on energy sites since the U.S.-Israeli air war against Iran began almost three weeks ago.
Geography and regional rivalries have prevented Gulf countries from finding a true alternative to the strait, which the war with Iran has effectively shut down.
Four years after the Russian invasion of Ukraine sent energy prices soaring, the war in Iran is posing another challenge to efforts to revive European factories.
With attacks and threats, Tehran is using the world’s most important transit point for oil and gas as leverage against its enemies.
The members of the International Energy Agency will release 400 million barrels of oil, the largest such coordinated action on record.
The low-grade oil has been used to fuel power plants amid Iran’s international isolation. Tanks of mazut may now be burning near the city.
Finance ministers for the seven industrialized countries met on Monday and said they would consider releasing oil from reserves but were not ready to do so now.
President Vladimir V. Putin threatened to cut off remaining gas supplies to Europe as the Iran war drives a surge in energy costs.
The conflict in Iran may give Moscow a short-term boost economically and in Ukraine. But it has also shown the limits of Russia’s partnerships.
Prices for liquefied natural gas have shot up in recent days, which could bring bigger profits for European and U.S. energy companies.