European natural gas prices surged on Monday after Qatar halted liquefied natural gas production in response to Iranian drone strikes on major energy sites.
The Dutch Title Transfer Facility benchmark climbed as much as 49.1% to €47.65 per megawatt-hour, rising from about €32 before the attacks.
U.S. natural gas futures advanced roughly 6.7% to $3.05 per million British thermal units as traders reacted to tightening global supply.
Asian spot LNG prices also moved higher as buyers anticipated fewer available cargoes in the weeks ahead.
The escalation follows growing military tensions involving the United States, Israel and Iran across the Middle East.
On March 2, Qatar’s Ministry of Defense confirmed that two Iranian drones struck a water tank at a power facility in Mesaieed Industrial City and an energy installation in Ras Laffan Industrial City.
Officials reported no casualties, yet markets responded swiftly to the disruption risk surrounding key export infrastructure.
State-owned Qatar Energy suspended all LNG production and exports, citing security concerns while assessments of the damage continue.