European gas prices jumped as much as 30% as the Middle East conflict disrupted LNG shipments and raised concerns about global energy supply chains.
9 March 2026 | by Faiz.tv News Desk
Energy Markets React to Escalating Conflict
European natural gas prices surged sharply on Monday, rising as much as 30% as the ongoing conflict in the Middle East continued to rattle global energy markets and disrupt seaborne fuel shipments.
Benchmark gas futures recorded their largest weekly gain since the recent global energy crisis, reflecting growing fears that the war could trigger prolonged disruptions across the global energy supply chain.
The surge in gas prices follows a sharp rise in oil prices, which climbed above $100 per barrel amid production curbs by major Middle Eastern producers and shipping disruptions near the Strait of Hormuz.
The waterway is one of the world’s most critical energy transit routes, carrying massive volumes of oil and liquefied natural gas (LNG). Any disruption there immediately puts pressure on global markets.
Meanwhile, U.S. natural gas futures also climbed, reaching their highest level in roughly a month as traders reacted to growing supply concerns.
Europe Faces a Vulnerable Energy Situation
Energy analysts say Europe is entering a particularly sensitive period in the gas market. After a colder-than-usual winter, several countries are emerging with partially depleted storage reserves.
This means European nations will need to purchase large volumes of LNG during the summer months to refill stockpiles ahead of the next winter season.
As a result, Europe could face intense competition with Asian buyers for limited global LNG supplies, especially if exports from the Middle East remain disrupted.
Energy strategist Florence Schmit of Rabobank warned that markets are only beginning to recognize the scale of the potential supply shock.
“The market is slowly waking up to the reality of prolonged supply disruptions across the whole energy value chain,” she said, adding that disruptions could last around three months.
Qatar LNG Supply in Focus
One of the biggest concerns for global gas markets is the temporary shutdown of LNG production in Qatar.
The country’s Ras Laffan LNG facility — the largest liquefied natural gas export plant in the world — halted operations last week. Although the infrastructure appears largely intact, officials say restoring full production and shipments could take weeks or even months.
State-owned energy giant QatarEnergy has already declared force majeure on shipments, affecting several international buyers including Italy’s Edison SpA and Poland’s Orlen SA.
Analysts Raise Gas Price Forecasts
Investment banks are now revising their outlooks as uncertainty grows across the energy sector.
Analysts at Goldman Sachs have raised their forecast for European gas prices for the second quarter to €63 per megawatt-hour, up from a previous estimate of €45.
The forecast assumes that Qatari LNG shipments may remain halted through late March before gradually recovering during April.
Current Market Levels
European benchmark Dutch front‑month gas futures climbed sharply during trading, rising 17% to about €62.56 per megawatt‑hour in early Monday trading in Amsterdam.
Despite the recent spike, prices remain significantly below the historic highs seen during Europe’s energy crisis, when gas briefly surged above €300 per megawatt‑hour.
However, analysts warn that continued conflict in the Middle East could reshape global gas trade flows, potentially tightening supplies and pushing prices higher in the months ahead.
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