Bloomberg reported a record rise in gas prices in Europe following developments in the Middle East and the expansion of the conflict to Gulf countries.
According to the agency, gas prices in Europe jumped by 50% after the suspension of liquefied natural gas (LNG) production in Qatar.
QatarEnergy had earlier on Monday announced the halt of LNG production due to a military attack on operational facilities in the cities of Ras Laffan and Mesaieed.
By 12:20 PM GMT, European gas prices on the Dutch TTF index rose to 44.6 euros ($52.27) per megawatt-hour.
Gas companies in Europe typically use “gigawatt” and “terawatt” units in their European transactions (1 gigawatt-hour = 3.2 million cubic feet of gas, and 1 terawatt-hour = 3.2 billion cubic feet of gas).
