Oil and gas prices surge as Iran attacks disrupt Strait of Hormuz shipping, triggering force majeure

Attacks by Iran on shipping in the Strait of Hormuz have caused significant disruptions to oil and gas shipments through this critical chokepoint. This has led to a sharp rise in global oil prices, surpassing $90 per barrel, and increased natural gas prices, prompting QatarEnergy and Shell to declare force majeure on LNG supplies. The disruptions have also necessitated updates to shipping rules for key energy benchmarks in the Persian Gulf, and the price surge has persisted despite the release of emergency oil reserves.