Overview
- Iranian strikes hit multiple oil and gas facilities across the Gulf in retaliation for an Israeli attack on Iran’s South Pars field, targeting Qatar’s Ras Laffan and refineries in Saudi Arabia and Kuwait.
- Brent crude briefly topped $119 a barrel and European gas prices jumped by up to 35% before both eased, triggering sharp swings across global stocks, bonds and commodities.
- QatarEnergy’s chief executive said about 17% of the country’s LNG export capacity was knocked out and may be impaired for three to five years.
- The Fed, ECB and BoE kept rates unchanged as the Bank of England warned UK inflation could reach about 3.5% in July; markets shifted to expect possible hikes and far fewer or no U.S. cuts before 2027.
- Washington signaled it may ease sanctions on some Iranian oil to bolster supply, and UK households face higher energy bills when Ofgem updates its price cap in July.