Gas prices continued to rise on Tuesday, surpassing the $650 per thousand cubic meters mark for the first time since February 2023, amid the ongoing confrontation between Iran, the United States, and Israel.
In morning trading, gas futures for April at the Title Transfer Facility (TTF) hub in the Netherlands rose to $656 per thousand cubic meters, or 54.46 euros per megawatt-hour. The price increase since the start of the day has exceeded 20%.
This surge followed an announcement by QatarEnergy regarding a halt in liquefied natural gas (LNG) production after an attack targeted the largest gas production complex in Qatar.
Qatar is the world’s third-largest exporter of LNG after the United States and Australia, with a production capacity of 77 million tons per year, which it seeks to expand to 142 million tons.
Gas prices were also impacted by threats from Major General Ibrahim Jabbari, advisor to the commander of the Iranian Revolutionary Guard Corps, to “burn” any tanker attempting to cross the Strait of Hormuz, an escalation that threatens global supply chains.
