Middle East Tensions Impact Global Natural Gas Supply

Iran's largest South Pars gas field was targeted by an Israeli airstrike on Wednesday, marking the first attack on the country's energy production facilities amid the current wave of U.S.-Israeli aggression. According to Ming Pao, Iran retaliated by bombing the Ras Laffan Industrial City in Qatar, the world's largest liquefied natural gas (LNG) production hub, causing extensive damage. Iran's parliamentary speaker, Mohammad Bagher Ghalibaf, warned on Wednesday that the country has established a 'tit-for-tat' principle, indicating that a 'new phase' of conflict has begun. On Thursday, foreign ministers from 12 countries surrounding Iran issued a joint statement urging Tehran to cease its attacks immediately, or they would reserve the right to self-defense. As the Middle East conflict escalates, experts warn of a potential ongoing risk to global natural gas supply. European natural gas futures prices for May surged by 35% on Thursday.