EU Natural Gas Prices Hit Highest Level Since 2023 After Iran Strikes Qatar LNG Hub

ISTANBUL, March 19 (Bernama-Anadolu) -- Natural gas prices in the European Union (EU) hit their highest level since January 2023 following Iran’s strikes on Qatar’s liquefied natural gas (LNG) hub on Wednesday, Anadolu Ajansi reported.

European natural gas futures soared by more than 25 per cent to around US$78 per megawatt-hour as of 0800 GMT on Thursday, reaching their highest level in over three years.

On Wednesday, Iran launched attacks on Qatar’s Ras Laffan Industrial City, the world’s largest LNG export facility.

The United Arab Emirates also halted operations at its Habshan gas facilities after intercepting missiles, while Bahrain’s LNG assets were reportedly targeted by heavy missile strikes.

Around 20 per cent of global LNG flows typically pass through the Strait of Hormuz, which has been largely closed since the war began on Feb 28.

-- BERNAMA-ANADOLU