As a result of Iran's retaliatory actions, Qatar has been forced to halt production of liquefied natural gas at its largest plant in the world. It was previously reported that QatarEnergy suspended LNG production following attacks on facilities in the industrial zones of Ras Laffan and Mesaieed. These actions have affected the operation of existing production capacities. QatarEnergy holds a leading position in the world, providing nearly 20% of the total global LNG production.
Futures for natural gas for delivery in April at the Dutch hub TTF surged by 33.6 percent, reaching a peak of over $727 per 1,000 cubic meters at current Forex exchange rates.
The rise in natural gas prices in Europe began the day before due to the deteriorating situation in the Middle East, and in just two days, the price of gas increased by 66.7 percent.
Iran has confirmed the closure of the Strait of Hormuz. This statement was made by representatives of the Islamic Revolutionary Guard Corps.
The advisor to the commander of the IRGC noted that Tehran will strike any vessel that attempts to pass through the strait, emphasizing that this applies to all ships without exception.
“We will attack any ship that tries to cross it,” he added.
It should be noted that about 20% of the world's oil and up to 30% of liquefied natural gas exported from Gulf countries such as Iraq, Saudi Arabia, Kuwait, Bahrain, Qatar, and the UAE to Asian markets passes through the Strait of Hormuz.
Experts warn that blocking this "corridor" could lead to a sharp increase in energy resource prices.
