LNG

QatarEnergy has ceased all LNG production after Iranian drone strikes hit facilities at both Ras Laffan and Mesaieed industrial cities. Saudi Arabia's Ras Tanura refinery was also attacked. With commercial shipping through the Strait of Hormuz sharply curtailed and around a fifth of global LNG supply now offline, European and Asian gas prices have surged by up to 50pct. There is risk the shock could exceed the 2022 Russian gas crisis if the disruption is prolonged.

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