Europe Scrambles as Iran Strikes Gulf Energy Plants

European countries are scrambling to mitigate the impact of soaring oil prices after tit-for-tat strikes on Gulf energy plants. The world's largest gas plant in Qatar, which processes about a fifth of the world's liquefied natural gas, was hit by Iranian missiles.

The attacks caused 'extensive damage' and forced several countries to shut down their facilities. Saudi Arabia intercepted a ballistic missile launched towards its port city, Yanbu, while a drone fell on an Aramco-Exxon refinery in the same area.

European Union leaders are set to try to offset the jump in energy costs at a summit in Brussels, but few easy options are available. Brent futures have surged by over 7% to more than $114 a barrel, while European gas prices have leapt by over 60% since the war began on February 28.

A US official and three other people familiar with the planning told Reuters that President Trump is considering sending thousands more US troops to the Middle East. This move could be used to restore the safe passage of oil tankers through the Strait of Hormuz, where Iran has been selectively attacking vessels.