Global energy costs soar as Iran crisis disrupts shipping, oil and gas production

Tamara Ceaikovski

LONDON, March 3 : Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.  Oil prices have risen more than 15 per cent since Friday and the benchmark Brent Crude contract gained 6 per cent on Tuesday to above $82 per barrel, the highest since July 2024, while European gas prices have soared 40 per