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Bank of England 'ready to act' as it warns Iran war 'shock' will push up inflation

What happened

Iran has attacked a major Qatari gas facility at Ras Laffan, cutting approximately 17% of Qatar's liquefied natural gas exports for an estimated 3-5 years. The strike has triggered widespread concerns about energy security across Europe and caused global oil prices to spike. European central banks are now warning of potential interest rate increases as the conflict threatens to drive inflation significantly higher.

Why people care

Qatar is one of the world's largest LNG suppliers, and Europe has relied heavily on Middle Eastern gas, especially after reducing Russian energy imports. The attack comes amid broader regional tensions, with Iran also threatening to close the Strait of Hormuz, a critical shipping lane for global oil supplies.

The takes

European officials say

The attack represents a major threat to European energy security that could last years, not months. Central banks are prepared to raise interest rates to combat inflation driven by energy price spikes. The situation requires immediate international coordination to secure alternative energy supplies and protect shipping lanes.

Iran says

The strikes are targeting what Iran claims are US military installations and bases in the region. Iranian officials have characterized their actions as defensive measures against American military presence in the Gulf.

Sources