Natural gas prices hit record level in EU after Iran's strikes on Qatar's LNG hub

Natural gas prices in the EU hit the highest level since January 2023 following Iran's strikes on Qatar's liquefied natural gas (LNG) hub on Wednesday.

European natural gas futures soared more than 25% to around $78 per megawatt-hour as of 0800GMT on Thursday, reaching their highest levels in over three years.

On Wednesday, Iran launched attacks on Qatar's Ras Laffan Industrial City, the world's largest LNG export plant.

The United Arab Emirates also halted operations at its Habshan gas facilities after intercepting missiles, and Bahrain's LNG assets were reportedly targeted by heavy missile strikes.

Around 20% of global LNG flows typically pass through the Strait of Hormuz, which has been largely closed since the war began on February 28.