European Natural Gas Futures Surge 35% After Industrial City Housing World's Largest LNG Export Plant Attacked

MaticHoleFiller · 2026-03-24T20:48:16+00:00

Due to Iran's intensified attacks on energy facilities in the Persian Gulf region, European natural gas prices have surged dramatically, with benchmark futures rising as much as 35%. Qatar's liquefied natural gas facilities were attacked, causing massive fires and destruction that impact global supply and could keep prices elevated over the long term.

MaticHoleFiller

2026-03-24 20:48:16

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European natural gas prices surge after Iran increased attacks on energy infrastructure in the Gulf region, damaging the world’s largest liquefied natural gas (LNG) export plant.

Benchmark natural gas futures rose as much as 35% on Thursday, more than doubling in price since the outbreak of the war.

QatarEnergy said several LNG facilities at Ras Laffan Industrial City were hit by missile strikes, causing “large fires and extensive damage.” One of the plants, which accounts for one-fifth of global LNG supply, is located in that industrial city. Although LNG shipments have already been halted earlier this month due to the war, the latest attacks could keep natural gas prices in Europe and Asia elevated for a longer period.

The full extent of the damage and repair timelines remain unclear. Most Middle Eastern LNG buyers are Asian countries, but any prolonged disruption in transportation could upset the global supply balance and push prices higher worldwide.

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