Gas Prices In Europe Have Risen By 35%

• 19.03.2026, 12:15

After Iran's strike on a major LNG plant.

Natural gas prices in Europe surged after Iran launched a missile strike on the world's largest liquefied natural gas plant.

The Bloomberg reports that benchmark grade futures jumped 35% on March 19. This caused prices to more than double from pre-war levels. The market is bracing for the aftermath of a strike on a critical LNG hub that supplied about a fifth of the world's supply.

QatarEnergy reported that several LNG infrastructure facilities in the city of Ras Laffan were hit by missile strikes, which "resulted in significant fires and considerable subsequent damage."

The Ras Laffan plant shut down in early March after an Iranian drone attack - the first interruption of supply in its three decades of operation. But the latest strikes threaten to keep gas prices in Europe and Asia high for much longer.

Analysts say this could be a turning point for the LNG industry, similar to the attack on Nord Stream or worse. There is no indication that Qatar will be able to restart infrastructure anytime soon. LNG supplies from that country could be halted for months and, in the worst case, years.

Gas facilities in Habshan, Abu Dhabi, were also shut down after debris from a downed missile fell on them. US President Donald Trump has said Washington will take action if Qatar's LNG facilities are attacked again.

Details regarding the extent of the damage and the timeline for repairs are not yet known. Although Asian countries buy much of the LNG supplied from the Middle East, any prolonged interruption of supply would reduce the global supply balance, causing prices to rise around the world.

For Europe in particular, the escalation comes at a difficult time as the region emerges from winter with depleted reserves in tanks. That means more LNG shipments will have to be bought this summer to replenish stocks, competing with Asian buyers for the smaller amount of available resources.