Oil Hits $118, Natural Gas Surges After Middle East Attacks

Oil prices reached $118, and European natural gas jumped 35% following attacks on energy infrastructure in the Middle East.

Attacks on facilities in Qatar and Iran have raised fears of disruptions to global supply.

Brent rose as much as 10%, exceeding $118 a barrel, while the American WTI reached $97 a barrel.

Natural gas prices in Europe soared, with the Dutch TTF contract rising by 35% to €70.8 per megawatt-hour.

The state energy company of Qatar announced damage to the Ras Laffan natural gas complex after missile attacks.

Drone attacks also hit refineries of the national oil company of Kuwait.

Analysts warn that the energy market is entering a more dangerous phase, with potential cascading effects on supply.