European gas prices surged over 100% on Tuesday after joint US and Israeli strikes on Iran disrupted shipping through the Strait of Hormuz and forced Qatar Energy to halt production at major LNG facilities.
Drone attacks targeted energy infrastructure in Ras Laffan Industrial City and Mesaieed, prompting Qatar Energy to suspend liquefied natural gas (LNG) output due to security concerns.
The Strait of Hormuz, a key chokepoint for about 20% of global LNG exports, saw commercial shipping largely grind to a halt.
At Europe’s Dutch Title Transfer Facility (TTF), April gas futures jumped to €65.50 ($76) per megawatt-hour, nearly doubling from €31.95 on February 27.
Analysts warned that Europe’s gas supply remains highly vulnerable, with storage levels hovering near 30%—well below last year’s levels.
The European Union’s Natural Gas Coordination Group will meet on March 4 to assess the impact of rising Middle East tensions and evaluate potential emergency measures.
The disruption has intensified competition between Europe and Asia for alternative LNG supplies, particularly from the United States and Australia.
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