European Gas Prices Jump 30%, Oil Reaches $114 Amid West Asia Market Disruptions

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European Gas Surges 30%, Oil Hits $114 Amid West Asia Strikes

European gas surges 30%, oil hits $114 as West Asia strikes roil markets. (File/AP)

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Firstpost•19-03-2026, 13:28

European Gas Surges 30%, Oil Hits $114 Amid West Asia Strikes

•European gas prices surged 30% to their highest since the conflict began, while oil briefly spiked to $114 a barrel.
•Intensifying strikes on critical infrastructure across West Asia are stoking fears of a deepening supply shock.
•Iranian missile strikes hit Ras Laffan Industrial City in Qatar, the world’s largest LNG hub, causing extensive damage.
•A vessel near the Strait of Hormuz was hit by an "unknown projectile," adding to market anxiety over shipping lanes.
•US President Donald Trump warned of potential escalation, threatening to "massively blow up" Iran’s South Pars gas field.

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