Israel told Chevron to shut down a major natural gas field, and it's threatening to further spike prices of the fuel.
The world's natural gas market has already been rocked by the war in Ukraine and threats of a strike in Australia.
Some Israeli gas from Tamar is exported to Egypt, which processes the fuel into LNG that's exported to the EU.
AdvertisementAdvertisementBrace for bad news ahead of winter: Natural gas prices could spike as energy giant Chevron halted operations at a major Israeli gas field following orders from authorities.
Dutch TTF natural gas futures closed 12.5% higher at 49.455 a megawatt-hour on Tuesday.
Persons:
Israel, —, Tamar, Israel isn't, Chevron, It's, Gergely Molnar
Organizations:
Chevron, EU, Service, Energy, Bloomberg, International Energy Agency, P Global
Locations:
Ukraine, Australia, Tamar, Egypt, Israel, Houston, Europe