Here are the latest economic events in the Middle East war on Thursday:

– Markets in turmoil –

European stocks slid further as surging oil and gas prices fuelled concerns that the war will drive inflation and weigh on economic growth.

Brent crude oil soared almost six per cent to hit $119 a barrel on fresh worries about energy supplies before falling back to around 110, while European gas prices jumped by 28 per cent before likewise paring back.

European equities closed down more than 2 per cent as Frankfurt, London and Paris all ended firmly in the red, while Wall Street was around 0.8 per cent off mid-session.

Gold and silver prices shed more than six per cent and 13 per cent, respectively, as rising inflation fears dampened expectations for near-term interest rate cuts and heightened fears of poor growth.

– Attacks on Gulf energy infrastructure –

Qatar reported “extensive” damage on Thursday to the site of the world’s largest liquefied natural gas (LNG) facility following Iranian strikes, sparking fears for global energy supplies.

Qatar is one of the world’s top liquefied natural gas producers, alongside the United States, Australia and Russia, and its Ras Laffan facility is the world’s largest LNG hub.

Two Kuwaiti oil refineries were also hit, as well as the Saudi oil refinery Samref in the industrial zone of the Red Sea port of Yanbu.

– UN maritime body urges safe shipping ‘corridor’ –

The UN’s maritime body called for the creation of a safe shipping “corridor” in the Gulf to evacuate stranded vessels and seafarers, after an emergency meeting that also condemned Iran.

Following two days of urgent talks in London convened due to the Middle East war, the International Maritime Organization (IMO) said the “safe maritime corridor” should be established as “a provisional and urgent measure”.

Six Western allies, including Britain, France, Germany, and Japan, earlier stated they were ready “to contribute to appropriate efforts to ensure safe passage through the Strait of Hormuz”.

– ECB chops 2026 growth forecast –

The European Central Bank cut its growth forecast and raised its inflation forecast for this year as it warned of the energy price shock from the Mideast war.

ECB staff now see eurozone GDP growth at 0.9 per cent in 2026, down from a December forecast of 1.2 per cent.

And they raised inflation projections to 2.6 per cent for the year, up from 1.9 per cent in their December forecast.

– Germany considers energy windfall tax –

Germany is considering the introduction of a windfall tax on hefty energy-sector profits after oil prices surged due to the Middle East war, a finance ministry source told AFP.

German Finance Minister Lars Klingbeil is mulling the introduction of a special tax “to skim off excessive crisis profits” earned due to high energy prices, the ministry source said.

– US ponders unsanctioning Iranian crude –

United States (US) Treasury Secretary Scott Bessent said Washington might “unsanction” Iranian oil that is already being shipped, as energy prices soar due to the war.

Bessent’s comments to Fox Business came as oil and gas prices made a renewed surge after Iran hit the world’s biggest liquefied natural gas (LNG) facility in Qatar and threatened to destroy the region’s energy infrastructure. He added that the US government could also release more oil from its strategic reserves.

– War exposes Gulf flights reliance –

The war in the Middle East has exposed Europe’s reliance on Gulf companies for flights to Asia, Europe’s airlines said.

The conflict has severely disrupted air traffic above the Gulf countries, which have carved out a niche as a stopover for long-haul flights between the United States, Europe, Asia and Oceania.

Many European travellers have found themselves stranded in Asia, unable to pass through the key hubs of Dubai, Doha and Abu Dhabi — the respective headquarters of Emirates, Qatar Airways and Etihad.

“With 600 aeroplanes on the ground and 100 of them that normally were going in and out of Europe, it is a bit of a wake-up call to show how dependent the European continent is on Gulf carriers,” the CEO of Air France-KLM, Benjamin Smith, told a press conference of the Airlines for Europe (A4E) association.