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Lasting damage to Ras Laffan Industrial City, the world's largest liquefied natural gas export plant, would have big consequences for the global energy market.
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The war in Iran has upset the economic equilibrium Europe threatening energy supplies, growth and the outlook for consumer prices, upsetting economic forecasts.
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World leaders are scrambling to contain a spiraling Middle East conflict on Thursday after Israel and Iran traded strikes on gas production facilities.
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The price of Brent crude climbed past $115 per barrel as Qatar, Saudi Arabia and Kuwait reported more attacks on infrastructure and the U.S. and Iran traded threats.
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Oil prices jumped as markets react to escalating tensions after Qatar said Iranian missile strikes damaged a key liquefied natural gas export facility.
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The Gulf states have said Iran's attacks on energy infrastructure won't "go unanswered" but, so far, they have not hit back. That stance could change soon.
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Iran launched attacks against Qatar's Ras Laffan Industrial City and other Gulf energy infrastructure after Israel bombed the South Pars gas field.
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European stocks slumped at the open on Thursday as the Iran war escalates following attacks on Iranian and Qatari energy infrastructure.
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Global markets slid after the Federal Reserve held rates steady and warned of persistent inflation, while an Iranian missile strike caused "extensive damage" to Qatar's Ras Laffan LNG hub, heightening fears of a fresh energy shock.
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Iran launched a series of retaliatory strikes against the vital energy infrastructure in nearby Gulf states after Israel hit its largest gas field Wednesday.
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With oil supply disrupted, Beijing's oil reserves and renewable energy push are being put to the test.
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