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This is Ras Laffan in Qatar, one of the most important gas hubs in the world. And Iran just destroyed it.
We could be entering the worst financial crisis since 2008.
Qatar supplies around 20% of global LNG, and this single system feeds electricity, heating, and industry across Europe and Asia. Damage here means a critical supply risk.
This comes at a time when oil flows in the Middle East are already under pressure. Now, gas is also being disrupted. That puts both major energy markets under stress at the same time.
Higher oil and gas prices feed directly into daily life. Airlines raise ticket prices. Transport costs increase. Food and basic goods become more expensive because supply chains rely on fuel.
Also, businesses face rising costs while consumers spend less, which puts pressure on profits and growth.
This is how economic stress builds across the system. Inflation stays elevated, interest rates remain higher for longer, and financial conditions tighten. That combination slows down economic activity globally.
Unlike financial crises, this type of shock comes from the real economy. Energy supply cannot be increased quickly, and there are limited short-term substitutes.
The Iran war might have triggered the biggest financial crisis in modern times.
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