Oil and gas prices have surged following Iran's continued strikes across the Middle East. Natural gas prices spiked after QatarEnergy, one of the world's largest exporters, halted production due to "military attacks" on its facilities.

Oil prices also jumped, with the global benchmark Brent crude briefly hitting $82 per barrel on Monday after at least three ships were attacked near the Strait of Hormuz over the weekend.

Iran warned vessels against passing through this crucial waterway, which handles about 20% of global oil and gas shipments.

In the US, major stock indexes opened lower but recovered by midday. In London, the FTSE 100 closed down 1.2%, while France's CAC-40 fell 2.2% and Germany's Dax dropped 2.6%.

Qatar's Ministry of Defense said a drone launched from Iran targeted a facility in Ras Laffan Industrial City. In neighboring Saudi Arabia, Aramco temporarily shut its major oil refinery at Ras Tanura after a drone strike.

International shipping has nearly halted at the entrance to the Strait of Hormuz. Analysts warn that a prolonged conflict could push energy prices even higher.

The OPEC+ group agreed to increase output by 206,000 barrels per day to cushion price rises, though some experts doubt this will be sufficient.

Economists note that sustained high oil prices could fuel inflation and impact central banks' plans for interest rate cuts.

Source: www.bbc.com