European gas prices surged by more than 50% on Monday after QatarEnergy announced the suspension of liquefied natural gas production following the Iranian attack on the country.
According to Agence France-Presse (AFP), the benchmark European TTF gas futures contract jumped by over 48% to reach €47.32 per megawatt-hour, marking its highest level since February 2025, when it stood at €47.70.
Despite the sharp increase, prices remain significantly below the record highs seen in 2022 at the start of the war in Ukraine, when they exceeded €300 per megawatt-hour.
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