QatarEnergy has suspended LNG production at its Ras Laffan export facility following military attacks escalating disruption in global energy markets.
Global commodities intelligence provider ICIS reports that European gas prices have risen 48% since Friday levels. On Monday morning, ICIS said its TTF Early Day assessment for April 2026 stood at US$13,94/MMBtu, up 26% from the previous close, before climbing a further 20% in volatile trading after confirmation of the production halt.
ICIS also reports that no LNG vessels have transited the Strait of Hormuz since Saturday. While no formal blockade has been declared, tankers remain anchored due to heightened security and insurance risks. ICIS estimates that around 20% of global LNG supply is effectively cut off under current conditions.
Oil markets have also reacted. Brent crude rose more than 10%, ICIS noted, although prices do not yet reflect a full structural supply shock given previously well-supplied global oil markets.
ICIS reports that Europe imports a relatively small share of its LNG directly from Qatar while Asia’s dependence is significantly higher. Increased competition for flexible LNG cargoes is expected under current conditions.
European gas storage levels stood at 30% at the start of February, according to ICIS, ahead of the summer refill season. The agency noted that, if disruption persists into the second quarter, further upside in gas and potentially oil prices remains possible, particularly if shipping disruptions and insurance constraints continue to limit flows.
