Natural gas prices hit record level in EU after Iran's strikes on Qatar's LNG hub
European natural gas futures up over 25%, and around 140% from January 1
ISTANBUL
Natural gas prices in the EU hit the highest level since January 2023 following Iran's strikes on Qatar's liquefied natural gas (LNG) hub on Wednesday.
European natural gas futures soared more than 25% to around $78 per megawatt-hour as of 0800GMT on Thursday, reaching their highest levels in over three years.
From the beginning of this year, natural gas prices in the EU rose around 140%, from $32.1 per megawatt-hour.
On a yearly basis, natural gas prices in the 27-member union jumped by around 50% from around $45 per megawatt-hour.
On Wednesday, Iran launched attacks on Qatar’s Ras Laffan Industrial City, the world’s largest LNG export plant.
The United Arab Emirates also halted operations at its Habshan gas facilities after intercepting missiles, and Bahrain's LNG assets were reportedly targeted by heavy missile strikes.
Around 20% of global LNG flows typically pass through the Strait of Hormuz, which has been largely closed since the war began on February 28.
Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
