Shafaq News- Brussels

European gas prices jumped on Tuesday, surpassing $650 per 1,000 cubic meters for the first time since February 2023, as tensions in the Middle East affected global energy markets.

According to today's morning trading, Dutch TTF gas futures for April surged, marking a daily increase of more than 20%. The rise followed Qatar Energy’s announcement of a production halt at its largest liquefied natural gas (LNG) facility after an previous Iranian attack. Qatar, the world’s third-largest LNG exporter after the United States and Australia, currently produces 77 million tons annually and plans to expand output to 142 million tons.

The disruption comes amid escalating tensions in the Middle East, following US and Israeli strikes on Iran. In response, Tehran halted navigation through the Strait of Hormuz, a critical corridor for global oil and gas flows. Satellite data shows ships crowding key Gulf ports, prompting many tanker owners, oil companies, and trading firms to suspend shipments through the Strait.