The destruction at the Qatari facility could take 3 to 5 years to restore, state-owned Qatar Energy said, according to Reuters. 17 percent of liquefied natural gas (LNG) export capacity has reportedly been knocked out.
Iran has attacked gas facilities in several countries around the Persian Gulf after Israel attacked facilities at Iran's largest gas field.
According to Arne Lohmann Rasmussen, chief analyst at Global Risk Management, the energy crisis will not be over even if the war ends.
European gas prices have surged by more than 17 percent as a result of the attacks. Qatar accounts for around 20 percent of global LNG exports.
The price of oil is also trending upwards. Brent crude (North Sea oil) rose as high as $118 a barrel on Thursday, but has since fallen back slightly. Just before 3:30 p.m. it was just over $111 a barrel.
What do you think?