European natural gas futures soared about 25% to above €68 per MWh on Thursday, reaching their highest levels in over three years after Iran launched attacks on key energy infrastructure across the Middle East, intensifying supply concerns. Iran carried out missile strikes on Qatar’s Ras Laffan Industrial City, a complex housing the world’s largest LNG export plant, marking one of several energy assets Tehran pledged to target following an Israeli strike on Iran’s South Pars gas field. Abu Dhabi also suspended operations at its Habshan gas facilities after intercepted missiles caused falling debris, while LNG assets in Bahrain were reportedly hit by heavy missile strikes. Around 20% of global LNG flows typically pass through the Strait of Hormuz, which has been largely shut since the Iran war began. The disruption comes just ahead of the region’s stockpiling season, with storage levels already about 15 percentage points below the five-year average after a colder winter.
