As tensions in the Middle East escalate due to the Iran war, global energy markets are experiencing unprecedented volatility. Oil prices could soar to $150 per barrel, raising fears of demand destruction and potential economic fallout worldwide. European gas prices have surged significantly, doubling in some cases, as LNG supply disruptions continue, particularly with Qatar halting production. Analysts warn that this situation may mark the beginning of a severe gas crisis, with Europe and Asia competing for limited LNG supplies. The interruption of gas shipments and the potential for global energy producers to shut down operations within days escalate concerns over an energy shock that could impact economies on a global scale. As oil and gas prices rise sharply, the market remains watchful of the repercussions on trade and consumer costs.