UK gas prices have surged this morning after fresh strikes hit energy infrastructure in the Middle East, including Qatar’s main gas facility.
Prices jumped 23% to 171p per therm, while oil climbed around 5% to $113 a barrel on early trading.
The crisis has further heightened calls for the UK Government to back new North Sea projects to protect the UK’s energy security.
The spike follows two waves of Iranian strikes which caused “extensive damage” at Qatar’s Ras Laffan liquefied natural gas plant - the world’s largest LNG export hub.
European gas markets opened sharply higher, with benchmark prices leaping as much as 35% to €74 per megawatt hour — more than double pre-conflict levels.
Brent crude also surged, hitting its highest level since 2022 as tensions escalated across the Gulf.
US President Donald Trump warned he would “massively blow up” Iran’s South Pars gas field if Tehran launched further attacks in the region.
Pressure is now mounting on Energy Secretary Ed Miliband to approve developments such as the Rosebank and Jakcdaw fields.
Ithaca Energy said Rosebank— the North Sea’s largest undeveloped field — could begin producing within months if given the green light, with potential output of up to 500 million barrels of oil and gas.
With global supply under threat, industry figures argue domestic production is becoming increasingly critical to the UK’s energy resilience.
Sky News has broadcast a detailed explainer of why the North Sea should be the UK's answer to the crisis. You can watch it here.