Qatar LNG Halt Triggers Gas Spike; Oil Jumps as Strait of Hormuz Shipping Tightens
QatarEnergy halted LNG production after Iranian drone strikes hit Ras Laffan and Mesaieed, officials said. Gas prices in Europe jumped over 40% and about 150 ships were stranded near the Strait of Hormuz as insurers moved to cancel war-risk cover. At least five tankers were damaged and two people killed, according to Reuters. Shipbrokers reported spot freight rates from the Middle East to China surged to $12 million.