Global oil and natural gas prices have surged to nearly $120 a barrel following escalating strikes on Middle East energy infrastructure, with Iran's attack on Qatar's Ras Laffan liquefied natural gas facility triggering a 35% gas price spike and analysts debating if prices could reach $166 a barrel if the war continues, intensifying fears of stagflation.

China has condemned as 'unacceptable' the killing of Iranian leaders, including Larijani, and attacks on civilians, further complicating the Middle East conflict following reported assassinations and intensifying use of force.

QatarEnergy has declared force majeure on some long-term liquefied natural gas contracts after Iranian attacks on its facilities reduced the country’s export capacity. Separately, Shell announced it has halted production at its Pearl GTL plant in Qatar following an Iranian attack, exacerbating concerns about energy supply disruptions.