Global energy markets saw sharp price increases after Iran launched attacks on U.S. and Israeli-linked facilities across the Middle East on Monday. The strikes targeted Saudi Aramco’s oil refinery and Qatar’s liquefied natural gas (LNG) infrastructure, forcing both to halt production. Additional attacks on fuel tankers in the Strait of Hormuz, a key route for about 20% of global oil and gas shipments, further disrupted supply and drove prices higher.

Brent crude rose by 10% to over $82 per barrel before easing to $79, while U.S. crude climbed 7.6% to $72.20. Qatar Energy suspended LNG operations after the attack, pushing European gas prices up by about 45%. Stock markets worldwide fell amid uncertainty, with London’s FTSE 100 down nearly 1%, France’s CAC 40 down 1.6%, and Germany’s DAX down 1.7%. Airline shares also dropped as Middle Eastern airspace closures disrupted routes.

Analysts warned that prolonged conflict could further raise oil prices beyond $100 per barrel, potentially affecting inflation and interest rates. Gold prices rose 2.3% as investors sought safe assets.