All posts tagged: global energy markets.

Iran threatens attack on Red Sea if Trump hits Kharg Island as global economy in crisis | World | News

Iran threatens attack on Red Sea if Trump hits Kharg Island as global economy in crisis | World | News

Iran has threatened to launch attacks on the Red Sea if Donald Trump decides to target the country’s Kharg Island. Tasnim reported the source warned that any US strike on the vital oil export hub would trigger an “unprecedented response”, potentially spreading instability to key global shipping routes. The military figure claimed disruption in strategic waterways such as the Bab el-Mandeb Strait and the Red Sea was among the options being considered, raising fears of wider regional escalation. They also argued Washington was facing a “major dilemma” over Iran’s oil infrastructure and the strategic Strait of Hormuz, warning tensions could rapidly spiral. The source added that an attack on Kharg Island could disrupt oil production and lead to strikes on regional energy facilities, increasing risks for US forces and allies. Ensure our latest news headlines always appear at the top of your Google Search by making us a Preferred Source. Click here to activate or add us as Preferred Source in your Google search settings. They further warned the conflict could expand beyond the Persian …

UK energy bills suffer ‘apocalypse now’ blow with years of pain ahead | UK | News

UK energy bills suffer ‘apocalypse now’ blow with years of pain ahead | UK | News

Britain faces years of soaring energy bills and billions in government support costs after Iranian strikes on the world’s largest gas facility sent UK prices rocketing and left ministers scrambling to protect households from the fallout. Thursday’s assault on Ras Laffan tore through a facility that underpins a fifth of the world’s LNG supply and sprawls across an area three times the size of Paris. The chief executive of QatarEnergy delivered a sobering assessment of the damage, warning that getting the complex back to full capacity could take the best part of five years. Markets reacted immediately — UK gas prices spiked by more than a fifth and Brent crude surged eight per cent before retreating. Energy market traders described the situation as “apocalypse now.” Chief analyst at Montel Energy Analytics Tobias Federico said the strikes could trigger a “race for LNG between Asia and Europe in the coming months.” “Europe is approaching the time of year where it seeks to refill gas storage ahead of the winter,” Federico said. “In parallel, it seems likely …