The six-week-long Iran war struck at the heart of the world’s most energy-rich region, with oil and gas facilities targeted by both sides and soaring prices for fuel triggering a new global energy shock.
As the dust has begun to settle during a tentative two-week ceasefire, the full scale of the damage has started to become clear, with long-term ramifications for the world economy.
Saudi Arabia, the world’s largest oil exporter, has said it has suffered significant damage to its production capacity. Qatar, one of the world’s largest liquefied natural gas producers, has lost almost a fifth of its output, which will take years to restore.
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