An Iranian attack on Qatar's Ras Laffan complex has severely damaged the world's largest liquefied natural gas (LNG) facility. Two plants producing 17 percent of Qatar's LNG exports, amounting to 13 million tons per year, will require three to five years to repair.

The European Central Bank (ECB) warns that inflation could hit 6.3 percent, with a brief recession also possible. Energy bills have surged by seven billion euros in just two weeks.

European Commission President Ursula von der Leyen has announced urgent measures for cheaper electricity, in an effort to mitigate the energy shock hitting European consumers and industry.