In response, global oil and LNG prices have surged. On March 5, Brent crude was trading at $83.80 per barrel, up almost 3% from the previous day. U.S. West Texas Intermediate crude rose 3.4% to $77.15 per barrel. And after Qatar shuttered production at the world’s largest LNG facility, Asia’s LNG prices soared to its highest level since 2023, Bloomberg reported.
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