Global oil and gas prices jumped again Tuesday after Iran struck major energy production facilities across the Gulf for the first time since the war with United States and Israel began. Brent Crude rose 3% to $103.20 a barrel, pushing prices nearly 50% higher than before the conflict erupted on 28 February. Wholesale gas prices also climbed, reaching about €52 per megawatt hour — up sharply from roughly €30 before the war. The spike followed Iranian drone and missile strikes on oil and gas infrastructure across the region, a shift that analysts say dramatically raises the risk of a prolonged global energy shock. Energy fields and export hubs under fire The United Arab Emirates said a drone struck the massive Shah Gas Field on Monday, igniting a fire and forcing operations to halt while damage is assessed. Iranian strikes also hit the Majnoon Oil Field in Iraq and targeted the strategic export terminal at Port of Fujairah. A tanker near the port in the Gulf of Oman was struck by an unidentified projectile, triggering a blaze. Fujairah is a critical outlet for oil exports handled by the state company ADNOC and normally ships more than one million barrels a day. The disruption threatens to choke off the UAE’s remaining route to global markets as Iran tightens control over the Strait of Hormuz — the narrow corridor through which about a fifth of the world’s oil and gas normally flows. Energy crisis spreads across Asia The attacks have already slashed the UAE’s oil output by more than half and rattled global supply chains. Asian economies — which rely heavily on Gulf energy shipments — are feeling the shock first. Sri Lanka has declared weekly public holidays to conserve fuel, while Bangladesh has introduced planned blackouts. Officials in Thailand are urging civil servants to reduce air conditioning use. Analysts warn the biggest pressure may hit refined fuels such as diesel and jet fuel rather than crude itself, raising the prospect of transport disruptions and further inflation worldwide as the war enters its third week. Oil and gas prices resume rise after Iran attacks production facilities
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