19.03.202607:27:22UTC+00TTF Prices Surge on Ras Laffan Attack

European natural gas futures surged roughly 25% to above €68 per MWh on Thursday, reaching their highest level in more than three years, after Iran launched attacks on key energy infrastructure across the Middle East, heightening supply concerns. Tehran carried out missile strikes on Qatar’s Ras Laffan Industrial City—home to the world’s largest LNG export terminal—as part of a series of energy assets it vowed to target following an Israeli strike on Iran’s South Pars gas field. In Abu Dhabi, operations at the Habshan gas facilities were suspended after intercepted missiles caused falling debris, while LNG infrastructure in Bahrain was reportedly hit by heavy missile fire. About 20% of global LNG trade normally transits the Strait of Hormuz, which has been largely closed since the onset of the Iran war. The disruption comes just ahead of the region’s stockpiling season, with storage levels already roughly 15 percentage points below the five-year average after a colder-than-usual winter.