European markets surge 50% after Qatar halts production: ‘Gas prices could more than double’

Key Highlights

• QatarEnergy halted production at Ras Laffan and Mesaieed due to Iranian drone strikes.
• European natural gas prices surged by as much as 50% on Monday.
• Qatar accounts for nearly 20% of global LNG exports.
• The production suspension is the most severe shock to gas markets since Russia's invasion of Ukraine.
• Market volatility was already heightened by tensions involving Iran, the U. S., and Israel.