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EU Natural Gas Prices Surge Following Iran’s Strikes on Qatar LNG Hub
(MENAFN) Natural gas prices across the European Union surged to levels not seen since January 2023, following Iran’s attacks on Qatar’s liquefied natural gas (LNG) facilities on Wednesday.
As of 0800GMT on Thursday, European natural gas futures had jumped more than 25% to around $78 per megawatt-hour, marking their highest point in over three years, according to reports.
The strikes targeted Qatar’s Ras Laffan Industrial City, the world’s largest LNG export complex.
Meanwhile, the United Arab Emirates suspended operations at its Habshan gas facilities after intercepting incoming missiles, and reports indicated that Bahrain’s LNG infrastructure also faced heavy missile attacks.
Roughly 20% of global LNG shipments usually pass through the Strait of Hormuz, which has remained largely closed since the onset of the conflict on February 28.
As of 0800GMT on Thursday, European natural gas futures had jumped more than 25% to around $78 per megawatt-hour, marking their highest point in over three years, according to reports.
The strikes targeted Qatar’s Ras Laffan Industrial City, the world’s largest LNG export complex.
Meanwhile, the United Arab Emirates suspended operations at its Habshan gas facilities after intercepting incoming missiles, and reports indicated that Bahrain’s LNG infrastructure also faced heavy missile attacks.
Roughly 20% of global LNG shipments usually pass through the Strait of Hormuz, which has remained largely closed since the onset of the conflict on February 28.
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