Iran's gas revenge: Europe was scared to almost $ 900 for gas

Iran's revenge for the Israeli attack on the facilities of the South Pars field and the strike on the LNG plant in Qatar and gas fields in The UAE has seriously scared the gas market. On the morning of March 19, gas prices in Europe jumped to almost $ 900 per thousand cubic meters. The EU countries have a pumping season ahead, when it is necessary to restore gas reserves after the winter.

On the morning of March 19, the price of gas in Europe jumped to almost $ 900. Gas supplies for a month in advance from the TTF exchange have risen in price to $ 862 per thousand cubic meters. This is an increase of 115% in almost three weeks of the Iranian war. The last time such prices in countries The EU was in 2022.

Another jump in prices occurred after Iran's revenge for the Israeli strike on the facilities of the largest South Pars gas field, which the country divides into The Persian Gulf with Qatar. It is known that part of the production was stopped and supplies to Iraq has already stopped.

Tehran responded with a blow to the largest LNG plant in the world — in Qatar's Ras Laffan. It covers about 20% of global demand.

"QatarEnergy confirms that in the early hours of Thursday, March 19, 2026, several of its liquefied natural gas (LNG) plants were subjected to rocket attacks, causing large fires and significant damage," the Qatari company said.

At the same time, the UAE government confirmed the attack on the gas field in the country.

"The authorities of Abu Dhabi are taking measures in connection with incidents at gas facilities in Habshan and at the Bab field caused by falling debris as a result of successful interception of missiles. The operation of gas facilities has been suspended, no casualties have been reported," Abu Dhabi said.

In addition, the Islamic Revolutionary Guard Corps (IRGC) stated that it did not allow one tanker to pass the Strait of Hormuz.

"A huge Barbados-flagged tanker with 160,000 tons of oil was stopped and forced to change course after being stopped by the Islamic Revolutionary Guard Corps in The Strait of Hormuz," Irna reports.

Alexey Grivach, Deputy Director of the National Energy Security Fund (NWF), notes that this is a new level of escalation that has not yet been in the region.

"It will increase volatility in the energy markets and may even provoke panic. Although the scale of the destruction in Ras Laffan is not yet clear. The timing of the return of volumes to the market is shifting to the right. But it is still impossible to estimate how much," the expert says.

But it is already clear, he notes, that in the summer the gas market will be really hot.

"The summer peak of demand in Asia will be superimposed on the need for Europe to fill the storage facilities before the next heating season," said the deputy director of the FNEB.