American and Israeli bombings of major Iranian facilities linked to the South Pars gas field, and Iranian threats of retaliatory attacks on energy industries in other Persian Gulf countries, are driving up prices.
The so-called North Sea oil (kerosene) has risen just over 6 percent to almost 110 dollars per barrel. The price of natural gas on the Amsterdam Commodity Exchange has risen 8 percent to just over 56 euros per megawatt-hour. The price levels can be compared with around 70 dollars per barrel for oil and just over 30 euros per megawatt-hour for gas before February 28, when the US and Israel began bombing Iran.
The South Pars field is also used by Qatar for gas extraction.
