Gas prices soar as QatarEnergy halts LNG production after Iran attacks
Al Jazeera
March 2, 2026
AI-Generated Deep Dive Summary
Gas prices have surged globally after QatarEnergy halted liquefied natural gas (LNG) production following Iranian attacks on its facilities in Qatar. The move has sent shockwaves through energy markets, with benchmark gas prices in Europe and Asia experiencing sharp increases. In a statement, QatarEnergy confirmed it had ceased production due to military strikes on its operating sites in Ras Laffan and Mesaieed Industrial Cities. Meanwhile, Saudi Arabia announced the temporary shutdown of some units at its Ras Tanura oil refinery following a drone attack that caused limited damage but no casualties.
The situation has raised concerns about the stability of energy supplies, particularly as oil tankers continue to accumulate near the Strait of Hormuz—a critical waterway for global oil and gas trade. The attacks come amid heightened tensions between Iran and the United States, Israel, and other regional powers. Iran has retaliated against U.S. and Israeli airstrikes with targeted strikes on military installations, while Saudi Arabia has emphasized its commitment to safeguarding its energy infrastructure.
Global oil prices have surged, reaching their highest levels since January 2025, driven by fears of prolonged conflict in the Middle East. The Dutch TTF natural gas contract rose over 25%, and Asian LNG benchmarks saw a nearly 39% increase, reflecting the severity of the supply disruption. These developments highlight the delicate balance of global energy markets and the potential for further volatility as tensions escalate.
The situation underscores the critical role of the Middle East in global energy supplies. Qatar, as the world’s largest LNG producer, and Saudi Arabia, with its key oil refinery, are central to this region’s influence. The attacks not only impact energy prices but also raise broader security concerns about infrastructure vulnerability and the potential for wider conflict.
For readers interested in global affairs, this story highlights the intersection of politics, energy markets, and national security. The ongoing tensions in the Middle East could have far-reaching economic consequences, affecting everything from fuel prices to industrial production worldwide. As the situation evolves, the focus will likely remain on how these disruptions impact global energy supplies and international relations.
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Originally published on Al Jazeera on 3/2/2026