00:00Energy markets reacted swiftly to the latest escalation in the Middle East.
00:04Brent crude surge, briefly topping $114 a barrel before easing slightly,
00:10while gas prices were up by 30% after the attacks on Qatar's Ras Lafan gas field.
00:16Traders are now pricing in the risk of prolonged supply disruption
00:21following the widening attacks on the Gulf's upstream oil and gas facilities.
00:28Here is why the stakes are so high.
00:31Located in the Persian Gulf, South Pass is the largest natural gas field on Earth.
00:36Iranian authorities confirmed the Israeli strike on South Pass forced the shutdown of two processing units,
00:43knocking out a confirmed output of approximately 100 million cubic meters of gas per day.
00:49South Pass is a shared asset, held by both Iran and Qatar,
00:53containing roughly 8% of the world's known gas reserves in a single location.
00:58For Tehran, the field is a critical lifeline, providing 70% of Iran's domestic gas demand.
01:05But the ripple effects are global.
01:07The Qatari section, known as the North Field, is the backbone of international energy markets,
01:13currently supplying more than 20% of the global demand for liquefied natural gas.
01:18The Qatari section, known as the U.S.
01:19You
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