London, March 19 -- As the West Asia conflict intensified with the Israel led strike on Iran's South Pars Gas field and retaliatory attacks by Iran on Qatar's LNG facilities, Oil and gas prices rose on Thursday over fears of a global supply crunch, reported CNBC.

Qatar Energy confirmed that Ras Laffan Industrial City was the subject of missile attacks late on Wednesday night. It also reported that In addition to the previous attack on Ras Laffan Industrial City that resulted in extensive damage to the Pearl GTL (Gas-to-Liquids) facility, several of its Liquefied Natural Gas (LNG) facilities were the subject of missile attacks, causing sizeable fires and extensive further damage. The fires at the facility have since been contained.

Accor...