Israel’s High Court blocked the government’s controversial proposal to regulate the natural gas industry, in a dramatic ruling that complicates plans to develop the country’s largest field and conclude export deals. The court said late Sunday that it objected to the so-called stability clause that would have prevented major regulatory changes for 10 years, inserted to encourage investment. It gave the government, which denounced the ruling, a year to revise its plan. The TA-Oil & Gas Index fell 5.9 percent on Monday, the most in nearly seven months, to 844.69 at 10:13 a.m. in Tel Aviv. The government’s failure to craft an approved regulatory framework for the industry since the fields were discovered six years ago has held up development of the largest reserve, Leviathan, impeding export deals and antagonizing investors. Israel’s offshore gas fields are held by a small number of companies headed by Texas-based Noble Energy Inc. […]