Why gas prices are surging after Qatar LNG attack ...Saudi Arabia

ٍٍٍSaudi Gazette - Economy

LONDON — Global gas prices surged sharply after missile strikes hit Qatar’s Ras Laffan Industrial City, a key hub for liquefied natural gas (LNG), raising fears of prolonged supply disruptions.Ras Laffan, located about 80 km northeast of Doha, is responsible for roughly one-fifth of the world’s LNG production, making it one of the most critical energy facilities globally.The site includes LNG processing plants, storage facilities, a gas-to-liquids plant, and an oil refinery, operated by QatarEnergy alongside major international firms such as Shell, ExxonMobil, and Chevron.QatarEnergy confirmed that the site was targeted by two missile attacks, causing extensive damage to multiple LNG facilities and significant fires at key operational units, including Shell’s Pearl gas-to-liquids plant.The impact on global markets was immediate. UK gas prices jumped more than 30% at the start of trading before settling around 22% higher, while European gas prices rose about 20%, reflecting market concerns over supply shortages.Analysts warned that the attacks mark a major escalation in the conflict and could significantly delay the recovery of global LNG supply. Energy consultancy Wood Mackenzie said the incident has “fundamentally reshaped” the global LNG outlook, with expectations of a quick recovery now increasingly unlikely.Experts say the market had previously anticipated a temporary disruption, with supply returning to normal levels by mid-2026. However, continued instability in the region could extend the shortage, driving prices higher.Industry analysts noted that LNG supply cannot be quickly replaced, meaning any prolonged disruption will have a direct impact on global energy costs.Despite the surge, prices remain below the peaks seen after Russia and Ukraine war in 2022, when gas markets experienced extreme volatility.The effects are expected to ripple beyond energy markets. In countries such as the UK, where gas plays a central role in electricity pricing, rising gas costs are likely to push up household energy bills in the coming months.Experts warned that governments may need to step in with measures to protect consumers and ensure energy security as markets adjust to the new reality.

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Last updated : 19 March 2026 clock 05:19 PM

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