The clash between Israel and Iran has already had a tangible impact on the region’s energy industry, with Energean, a London-listed gas producer, saying on Friday morning that it had temporarily halted production at its floating facility off the coast of Northern Israel after the country’s Ministry of Energy and Infrastructure ordered a suspension. This prompted shares in the FTSE 250 company to fall by 43½p, or 5.1%, to 817p.
Brent crude jumped by 5.9% to $73.45 a barrel, having leapt as much as 13% earlier in the day, as the attack stoked concerns that hostilities in the region risk disrupting international oil supplies, which would reverberate through the global economy by pushing up inflation.
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The clash between Israel and Iran has already had a tangible impact on the region’s energy industry, with Energean, a London-listed gas producer, saying on Friday morning that it had temporarily halted production at its floating facility off the coast of Northern Israel after the country’s Ministry of Energy and Infrastructure ordered a suspension. This prompted shares in the FTSE 250 company to fall by 43½p, or 5.1%, to 817p.
Brent crude jumped by 5.9% to $73.45 a barrel, having leapt as much as 13% earlier in the day, as the attack stoked concerns that hostilities in the region risk disrupting international oil supplies, which would reverberate through the global economy by pushing up inflation.