Israel Halts Gas Field Operations Amid Ongoing Conflict

Israel has ordered the temporary shutdown of a major gas field operated by Chevron Corp. in the eastern Mediterranean due to safety concerns amid ongoing fighting between Hamas and the Israeli military. The closure of the field, located west of Haifa, threatens Israel's plans to become a major regional gas supplier. The gas field supplies natural gas to Egypt, which then exports it to Europe, and the stoppage may result in lower shipments or delays. Gas prices in Europe have already surged as much as 14%. Chevron is still supplying customers in Israel and the region from another major project called Leviathan.