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New Short Headline:
Focus Keyphrase: Iran war sends gas prices soaring 50%
Meta Description: Global energy prices have skyrocketed as the Iran-US-Israel war disrupts Middle East supplies, with natural gas jumping 50% and crude oil rising 10% amid the Strait of Hormuz blockade.
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Iran-US-Israel War: Gas Price Jumps 50%; Crude Rises 10%
By CDA News Nigeria
Global energy markets were sent into a tailspin on Monday as the escalating war between Iran, the United States, and Israel triggered a massive surge in oil and gas prices, with natural gas spiking nearly 50 percent and crude oil jumping by 10 percent .
The price shock follows Iran’s effective blockade of the Strait of Hormuz, a critical waterway through which about 20 percent of the world’s oil and liquefied natural gas is shipped . The strait remains clogged with at least 150 stranded vessels after Iran’s Revolutionary Guards warned against transit and attacked multiple tankers over the weekend .
Natural Gas Leads the Surge
The Dutch front-month contract at the TTF hub, the benchmark European gas price, surged more than 50 percent to €48.66 per megawatt hour . The spike came after QatarEnergy, one of the world’s largest LNG exporters, halted production following what Qatar’s Ministry of Defence described as a drone attack on a facility in Ras Laffan Industrial City .
Asian LNG prices followed suit, jumping nearly 39 percent to $15.07 per million British thermal units .
Crude Oil Follows
Brent crude futures, the global benchmark, rose as much as 13 percent to $82.37 a barrel in early trading before settling around 10 percent higher at $79.14 . US West Texas Intermediate crude was up 7.5 percent at $72.07, having briefly topped $75 .
The disruption forced Saudi Arabia to temporarily shut its major oil refinery at Ras Tanura on the Gulf coast after a drone strike .
Global Economic Fallout
Analysts warn that a sustained conflict could push prices above $100 and reignite global inflation . US gasoline futures surged 9 percent, with retail prices expected to exceed $3 a gallon for the first time since November .
Stock markets tumbled worldwide, with Japan’s Nikkei plunging 2.7 percent and European indices sliding more than 2 percent . Gold, a safe-haven asset, rose 2 percent to $5,388 an ounce .
OPEC+ has announced a modest production increase of 206,000 barrels per day in April, but analysts say the move is insufficient to offset the geopolitical risk premium now baked into prices .
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Facebook Headline:
🚨 BREAKING: GAS PRICES SOAR 50% AS IRAN CONFLICT DEEPENS
Natural gas has jumped 50% and crude oil 10% after Iran blocked the Strait of Hormuz and attacked tankers. QatarEnergy has halted LNG production, Saudi Arabia shut a major refinery, and global stock markets are plunging. Analysts warn prices could hit $100 if the war continues. Read the full story on CDA News Nigeria 👇
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