Gas prices increase significantly in international markets

Gas prices have risen sharply on international markets in response to tensions in the Middle East.

In the UK just after midday, natural gas for April delivery was trading 42% higher, at just over 112p per barrel.

Qatar is a major exporter of liquefied natural gas, accounting for about a fifth of global supplies - and most of this is transported by sea through the Strait of Hormuz.

While Qatar's main customers are in South and East Asia, any disruption to trade is likely to lead to price increases in global markets because it increases competition for shipments coming from other countries.

The situation has been worsened by the closure of several gas production plants in Israel as a safety precaution.

Analysts say this could represent a serious problem for Europe, as although winter is ending and consumption is slowing, gas reserves in the region are dwindling and will need to be replenished during the summer./ CNA

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