European gas futures jump 42 percent after QatarEnergy halts LNG output amid conflict

London, March 2, 2026 (Saudi Arabia Breaking News) – European natural gas futures surged 42 percent on Monday after QatarEnergy halted liquefied natural gas production amid fighting in the Middle East, tightening concerns over global supply.

The April contract rose to 45.46 euros, or $53.26, on the ICE commodities exchange.

QatarEnergy announced on Monday it was stopping LNG production, blaming the war for the decision.

Qatar is a major gas supplier to Europe, which has relied on LNG shipments to replace Russian pipeline gas lost after Russia’s invasion of Ukraine.

Shipping has also been disrupted in the Strait of Hormuz, a key route for LNG tankers from the Persian Gulf.