Europe Hit Hard: Gas Prices Soar 35% After Middle East Strikes

European natural gas prices surged sharply, climbing as much as 35% following attacks on key energy facilities in the Middle East. The escalation included a strike by Iran on Qatar’s Ras Laffan liquefied natural gas plant, the largest of its kind globally, according to Agence France-Presse.

Trading on the Dutch TTF hub, Europe’s main natural gas benchmark, jumped 24.13% to 67.85 euros per megawatt-hour shortly after markets opened at 07:00 GMT, with earlier moves reaching the 35% mark. The attack raised serious concerns over energy supply stability across the continent.

Qatar’s state energy company confirmed “significant damage” to the Ras Laffan complex after the missile strike. Authorities later reported that all fires had been contained, no injuries were recorded, and safety and cooling operations continued to stabilize the site.

The situation intensified tensions further, with U.S. President Donald Trump warning that Iran’s South Pars gas field could be targeted in retaliation. Meanwhile, a drone strike on one of Kuwait’s largest refineries sparked a fire, adding to regional energy supply risks.

The disruptions also pushed oil prices higher, with Brent crude climbing over 5% amid mounting fears of instability in the global energy market.