Energy infrastructure under threat
European natural gas prices soared up to 35% on Thursday after new attacks targeted energy infrastructure in the Middle East. The assaults included strikes on Qatar’s main gas facility, Ras Laffan, a critical hub for global liquefied natural gas (LNG) supply.
Market reaction
The Dutch TTF gas contract, the European benchmark, climbed to €74 before slightly trimming gains. Traders reacted to the disruption of LNG production at Ras Laffan, which plays a key role in global energy supply.
Supply concerns escalate
Two waves of Iranian attacks caused “extensive damage” at Ras Laffan, intensifying fears over energy security and potential supply shortages across Europe. Analysts warn that ongoing tensions in the region could keep prices elevated in the coming weeks.
Also read: Qatar expels Iranian diplomats after missile hits LNG facilities
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