economy
March 4, 2026
How energy markets have responded to the Middle East war
Oil prices have jumped more than 15%, while European gas prices have surged over 30% after Iranian strikes on Qatari LNG facilities
TL;DR
- The Middle East conflict has caused global energy markets to come under pressure.
- Oil prices have surged over 15%, with Brent crude briefly topping $84 per barrel.
- Natural gas prices have jumped over 30%, with European benchmark TTF futures exceeding $700 per 1,000 cubic meters.
- Iran's actions have led to threats and effective halts in shipping through the Strait of Hormuz, a critical chokepoint for oil exports.
- QatarEnergy has halted LNG production following retaliatory strikes on its facilities.
- Global stock markets have tumbled in response to the escalating conflict and rising energy prices.
- Russian energy companies and their shares have seen a boost amid the geopolitical tensions.
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