Oil and natural-gas prices surged Thursday after the latest round of attacks on Middle Eastern energy facilities stoked fears of a full-blown energy crisis.
Futures for European natural-gas prices rocketed after Qatar said that Iranian strikes caused extensive damage to its Ras Laffan, the site of the world’s largest liquefied natural gas plant. Brent crude, the international benchmark for oil, briefly touched $119 a barrel and remained about 6% higher on Thursday morning, continuing the previous day’s climb.
Stocks in Europe and Asia—regions that rely heavily on oil and gas from the Middle East—fell, with the Stoxx Europe 600 on pace to erase its gains for the year so far. Stock indexes in Hong Kong, Japan and South Korea slid.
U.S. stock futures also retreated, with tech-focused Nasdaq-100 contracts leading losses. On Wednesday, all three major indexes sold off after Federal Reserve Chair Jerome Powell dimmed hopes of an interest-rate cut this year.
Government bond yields around the world headed higher, with the latest energy-price jump exacerbating fears about inflation. The 10-year Treasury yield continued to rise past 4.28%.
Gold fell below $4,700 a troy ounce, putting it on track for its sixth decline in seven sessions.
