Oil Nears $120 as Markets Price Gulf Logistics Collapse #
The physical vulnerability of global energy transit has ceased to be a geopolitical abstraction. It is now a quantifiable line item, and the market is pricing it ruthlessly. Following Iranian missile strikes that devastated Qatar's Ras Laffan Industrial City, wiping out 17 percent of the nation's liquefied natural gas export capacity, Brent crude spiked toward $120 a barrel. The outage will cost QatarEnergy an estimated $20 billion in lost annual revenue and has triggered force majeure declarations on long-term contracts…