The Israeli attack on the largest energy facilities in Iran’s South Pars gas field and Tehran’s retaliation targeting oil facilities across West Asia, including Qatar’s LNG infrastructure, has raised oil and gas prices across the world. While gas prices have also surged by 30 percent, the oil price has jumped above $118 a barrel.

If the Strait of Hormuz remains closed, the prices of oil and gas are also likely to rise substantially, according to market watchers. The latest attacks on energy facilities have further increased fears of a full-blown energy crisis.

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After Qatar said that Iranian strikes caused extensive damage to its Ras Laffan, the site of the world’s largest liquefied natural gas plant, European natural-gas prices rocketed more than 20% higher.

Stocks in Europe and Asia, which heavily relied on oil and gas, also fell, with the STOXX Europe 600 on pace to erase its gains for the year so far. Stock indexes in Hong Kong. US stock futures also retreated, with tech-focused Nasdaq-100 contracts leading losses.