Natural gas dominates energy fear: Middle East tensions threaten supply, prices spike, and global bills soar. Background: a fossil gas mix.
US inflation slowed to 2.4% in January, below expectations, amid strong job growth and falling energy prices. The labor market remains resilient, but recent data raises questions about the Federal Reserve's next move on interest rates amid mixed signals on inflation and employment.
Tensions in the Middle East, including attacks on Qatar's LNG facilities and threats in the Strait of Hormuz, have caused a surge in global energy prices. Oil and gas markets are volatile, with prices rising sharply amid fears of prolonged disruptions, impacting global markets and supply security.
The Strait of Hormuz remains effectively closed following attacks by Iran and Israel, halting 20% of global oil and gas flows. Prices have surged, causing widespread disruptions. Countries are implementing conservation measures as the crisis threatens supply chains and food security. The situation is the worst in history.