HIBAPRESS – Follow-up
The price of gas in Europe recorded a sharp rise exceeding 50 percent, today, Monday, March 2nd, in a notable development that reflects the sensitivity of energy markets to geopolitical tensions, following the announcement by QatarEnergy to suspend the production of liquefied natural gas after an Iranian attack targeted its industrial facilities.
The European benchmark gas contract TTF for the future rose by more than 48 percent, reaching 47.32 euros per megawatt/hour, the highest level it has recorded since February 2025, when it touched a ceiling of 47.70 euros, amid growing fears of disruption to global supplies. Despite this strong rise, the current price remains much lower than the historical peak recorded in 2022, with the outbreak of the war in Ukraine, when gas prices at that time exceeded 300 euros per megawatt/hour, in one of the most violent energy crises that the European continent has known. In an official statement, QatarEnergy confirmed that it had decided to temporarily stop the production of liquefied natural gas and related products, after its operational facilities in the cities of Ras Laffan and **Mesaieed** were subjected to a military attack, noting that the safety of workers and securing the facilities remains a top priority at this stage. These developments are expected to cast a shadow over global energy markets, especially in Europe, which is increasingly dependent on liquefied natural gas to compensate for the decline in traditional supplies, which portends further fluctuations in prices in the coming weeks.
