European natural gas futures jumped 35% on Thursday following an attack on Qatar’s Ras Laffan facility. Reported Iranian strikes caused extensive damage and significant fires at the complex. The site is the largest liquefied natural gas (LNG) export hub in the world.
The Ras Laffan facility provides approximately 20% of the global LNG supply. Shipments from the plant were already suspended earlier this month due to escalating regional conflict.
Direct damage to the infrastructure has intensified fears of a prolonged supply outage. This disruption threatens European energy security as the continent relies on LNG imports to replenish storage for next winter.