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European gas prices soared on Monday, climbing more than 50% following Qatar Energy's announcement of a halt in liquefied natural gas (LNG) production. The disruption comes in the wake of an Iranian attack on Qatari production facilities, triggering concerns about supply stability in the region.
The benchmark Dutch TTF gas contract, a key indicator for European gas prices, jumped over 48% to reach 47.32 euros per megawatt-hour (MWh) at approximately 12:55 GMT. This marks the highest level since February 2025, when it briefly touched 47.70 euros per MWh.
Despite the significant increase, current prices remain considerably lower than the peaks experienced in 2022, when the war in Ukraine sent prices skyrocketing above 300 euros.
