European Gas Prices Soar 45% as Qatar Stops LNG Production

European natural gas prices surged Monday as escalating conflict in the Middle East prompted Qatar to halt LNG production at the world’s largest facility.

The Strait of Hormuz — a narrow maritime passage largely controlled by Iran — is one of the world’s most important energy chokepoints for oil and LNG exports, including shipments from Qatar. (Photo: Matthew Smith Flickr) 

The benchmark European gas price, traded on the Dutch TTF hub, jumped as much as 45% to around €46 per megawatt-hour in early afternoon trading, Doloresz Katanich reported for Euronews.

UK natural gas prices also climbed, with the NBP benchmark rising sharply in tandem with continental markets.

High volatility drove sharp minute-by-minute swings.

The spike followed U.S. and Israeli strikes on Iran, heightening tensions in a region critical to global energy flows.

QatarEnergy announced early Monday afternoon that it had halted liquefied natural gas production linked to the giant North Field gas reservoir following an attack on its facilities but provided no details on the extent of the operational impact.

A large portion of the world’s energy supply comes from the Middle East. Even before Qatar’s announcement, seaborne oil and gas transport had been at the center of market fears.

The Strait of Hormuz — a narrow maritime passage largely controlled by Iran — is one of the world’s most important energy chokepoints for oil and LNG exports, including shipments from Qatar.

Iran has moved to block traffic through the strait following the strikes, raising concerns about supply disruptions.