Gas Prices Surge as Qatar Shuts World’s Largest LNG Export Plant

Qatar shut LNG production at the world’s largest export facility after it was targeted in an Iranian drone attack, sending European gas prices surging as much as 54%.

QatarEnergy’s Ras Laffan plant covers about a fifth of global liquefied natural gas supply, and the unprecedented halt now threatens energy security and rattled global markets.

Europe’s benchmark gas futures jumped by the most since the 2022 crisis caused by Russia’s invasion of Ukraine. LNG shipments from the Middle East had already been disrupted since the weekend as tankers largely stopped transiting the Strait of Hormuz, a critical artery for global fuel ...