France, March 28 -- Energy prices jumped sharply this month after Iran struck Qatar's Ras Laffan facility, the world's largest liquefied natural gas hub, causing significant damage and disrupting supplies.

European gas prices rose by 35 percent, while tanker traffic through the Strait of Hormuz dropped sharply amid security threats, raising fears of a prolonged supply crunch.

French President Emmanuel Macron condemned what he called a "reckless escalation", warning that if energy production capacities were destroyed, "this war will have a much more lasting impact".

The shock has forced countries that relied on Gulf energy to move quickly. Algeria, already a major supplier to Europe, is now pushing to increase exports both through pipel...