European gas prices surge 45 percent after Qatar halts production

European gas prices surged on Monday following the suspension of liquefied natural gas production by Qatari state-run energy company Qatar Energy. The halt came after Iran attacked facilities at two of Qatar’s main gas processing plants.

According to the Dutch TTF natural gas contract, a key benchmark for European gas, prices have risen approximately 45 percent since the Iranian attack, exceeding 46 euros.

Gas prices had already increased more than 20 percent amid concerns that the conflict involving Iran could disrupt gas supplies to the Gulf region.