Attacks on refineries and gasfields in the Middle East have compounded fears the escalating war in Iran and the wider region may lead to a prolonged shock to global oil and gas prices, even if shipping routes are unblocked.
US president Donald Trump threatened to destroy Iran’s largest gasfield unless Tehran halted drone and missile attacks on energy production plants and infrastructure in Qatar and neighbouring Gulf states.
European gas prices jumped by 35 per cent on Thursday as Iran and Israel traded strikes on sites involved in the production and supply of oil and gas.
The targeting of energy infrastructure sent alarm bells ringing in Washington and European capitals, where…