The suspension of Qatar's liquefied natural gas production is disrupting the market, causing European gas prices to soar.

European natural gas prices surged nearly 40% on Tuesday, after the world's largest liquefied natural gas export facility in Qatar suspended production, causing market shock and concerns about global supply. The front-month contract for the Dutch TTF jumped 38.9% in trading, reaching 61.77 euros per megawatt hour, the highest level since early 2023. State-owned company QatarEnergy was forced to shut down production at the Ras Laffan Integrated Gas Complex, the world's largest liquefied natural gas export facility in Iran, following an attack. The company also halted production of aluminum and various chemicals a day later. Analysts at ANZ Bank stated, "This is the biggest threat the global natural gas market has faced since the outbreak of the Russia-Ukraine conflict in 2022."