Banks such as Barclays, Standard Chartered and HSBC also saw their share prices slide due to concerns that a sustained rise in energy prices risks fueling inflation which, in turn, could lead to fewer interest rate cuts by central banks.

Once viewed primarily as cyclical or speculative, modern oil and gas is increasingly evaluated by investors as a cash-flowing real asset.

Trump visited the Port of Corpus Christi where he delivered remarks to applaud his economic and energy policies. The president reflected on the past year of his second term. He said he took over a country that was “dead” and has unlocked its potential.

Natural gas production in Germany has fallen about 80 percent in the past two decades even as the country seeks to replace flows from Russia.

Iran, the third largest producer in the Organization of the Petroleum Exporting Countries, pumps about 4.5% of global oil supplies. Iran's output is about 3.3 million barrels per day of crude, plus 1.3 million bpd of condensate and other liquids.

Oil prices rose on fears of war. Now the U.S. and Israeli military strikes on Iran could disrupt oil exports and drive up gas prices.

Eight former UK energy ministers have called for the government to curb restrictions and taxes on the North Sea oil and gas industry, arguing that current policy is worsening energy security while doing little to cut global carbon emissions.

LONDON, Feb 28 (Reuters) - Several tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz after the U.S. and Israel attacked Iran and Tehran said it had closed navigation,