European gas prices continued their surge for the second consecutive day after Qatar announced the halt of its liquefied natural gas production. The move came as a result of the ongoing war with Iran.

According to European pricing platforms, the Dutch TTF contract rose about 27% in a single session today, approaching €55 per megawatt-hour, after having jumped 45–50% yesterday to levels between €46 and €48 per megawatt-hour.

The price surge came after QatarEnergy announced the cessation of liquefied natural gas production at its Ras Laffan and Mesaieed facilities following drone attacks attributed to Iran.

Qatar is the world’s largest exporter of liquefied natural gas, with an annual capacity of approximately 77 million tons—about one-fifth of global supplies—making the production halt in Ras Laffan a direct supply shock for the European market, which increasingly relies on liquefied natural gas following the decline in Russian supplies.

Analysts at Goldman Sachs warned that prices could jump by up to 130% if gas shipments through the Strait of Hormuz were disrupted for an extended period, with the possibility of exceeding €100 per megawatt-hour in more severe scenarios.

The crisis’s repercussions extended to Asia, where India began rationing gas supplies for industry due to the disruption of Qatari supplies, while QatarEnergy remains cautious about resuming production amid fears of ongoing regional tensions.