Wholesale gas prices in the United Kingdom have risen by nearly 140 percent to 171.34 pence per therm (about 2.29 dollars), marking the highest level since January 2023. The sharp increase follows escalating conflict in the Middle East, where Israel launched an airstrike on a petrochemical facility at Iran’s South Pars gas field early Wednesday. The site, one of the world’s largest gas fields, is jointly operated with Qatar.

In retaliation, Iran struck energy infrastructure in several Gulf countries, including Saudi Arabia, Kuwait, and the United Arab Emirates. Iran’s missile attacks also caused fires at parts of Qatar’s Ras Laffan LNG complex, one of the world’s largest liquefied natural gas centers. Analysts say the UK remains heavily dependent on imported energy, particularly from Gulf nations such as Qatar, making it vulnerable to regional instability.

According to Al Jazeera, if the situation continues, global energy prices could rise further, potentially affecting the broader world economy.