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European gas prices surge close to 50% after Qatar halts LNG outputDutch TTF gas surged 48.6 percent as QatarEnergy halted LNG production at Ras Laffan and Mesaieed after Iranian attacks, threatening EU supply and intensifying global competition for cargoes.By Bhupendra Paintola  March 2, 2026, 7:13:23 PM IST (Published)2 Min ReadThe Dutch TTF natural gas contract, Europe’s benchmark, surged 48.6% to €47.505 at 18:34 IST, after fears of supply disruption intensified.

Prices extended gains on Monday following reports that state-run energy giant QatarEnergy halted liquefied natural gas (LNG) production after Iranian attacks targeted key energy facilities.

The gains add to an earlier rise of over 20%, as traders factored in potential risks to energy flows from the Gulf region.

According to Trading Economics, QatarEnergy suspended LNG production at its Ras Laffan and Mesaieed complexes, facilities that account for roughly 20% of global LNG supply, after a drone struck a water tank at the site.

The disruption threatens nearly 15% of the European Union’s LNG imports, tightening an already constrained global market and increasing competition for cargoes, particularly from US exporters. LNG carrier operators have also paused tanker movements through the Strait of Hormuz, restricting shipments from other major Middle Eastern producers.

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The supply shock comes at a vulnerable time for Europe. EU gas storage levels are currently below 31%, compared with around 40% during the same period last year, amplifying price volatility.

With inventories thin and geopolitical tensions escalating in the Gulf, traders are bracing for sustained tightness in LNG flows, driving aggressive bidding and pushing benchmark gas prices sharply higher.Continue ReadingTagsEuropegas pricesliquefied natural gas LNG