Trump Orders Iran Strikes as Crude Jumps 10% and U.S. Gasoline Spike Warning Hits
Oil and gas prices are moving higher again after weekend U.S. strikes on Iran collided with a fresh supply shock tied to Qatar’s LNG output.
Markets were already jumpy as shipping risks around the Strait of Hormuz climbed, with Reuters warning U.S. gasoline prices could push higher as crude jumped about 10% in early trading.
Then Europe’s gas market got hit from another angle. Multiple UK outlets reported QatarEnergy halted liquefied natural gas production after Iranian attacks, and European wholesale gas prices surged by roughly 50% in the immediate reaction.
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That combination is what matters for U.S. drivers and household bills: crude moves feed pump prices, and LNG disruptions can tighten global fuel competition as buyers scramble for cargoes.
Officials in Europe say they don’t expect an immediate supply emergency, but the next few days hinge on whether shipping and production normalize.
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