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European gas prices soared on Monday following Qatar Energy's announcement that it would suspend liquefied natural gas (LNG) production. The move comes in the wake of an Iranian attack on Qatari production facilities, sending ripples of concern through the European energy market.
The benchmark Dutch TTF gas futures contract, a key indicator for European gas prices, jumped by more than 48% to reach 47.32 euros per megawatt-hour. This represents the highest level seen since February 2025, when prices peaked at 47.70 euros per megawatt-hour.
Despite the significant increase, current gas prices remain considerably lower than the levels witnessed in 2022 following the start of the war in Ukraine. At that time, prices surged to over 300 euros.
