European gas prices surged by nearly 50 percent after QatarEnergy announced a suspension of liquefied natural gas (LNG) production following an attack in the Middle East, according to Al Jazeera. Data from the Intercontinental Exchange (ICE) showed that the front-month contract at the Netherlands’ Title Transfer Facility (TTF) hub rose by 14.56 euros to 46.52 euros per megawatt hour, equivalent to about 15.92 dollars per MMBtu. Earlier in the day, prices had already climbed about 25 percent before the production halt announcement pushed them higher.

Massimo Di Odoardo, vice president of gas and LNG research at Wood Mackenzie, said that any disruption in LNG supply could intensify competition between Asia and Europe for available cargoes. Warren Patterson, head of commodities strategy at ING, warned that if the market begins to price in a prolonged disruption of Qatari LNG supply, TTF prices could rise to between 80 and 100 euros per MWh.

The British April contract also increased by 40.83 pence per therm to 119.40 pence, while Asia’s Japan-Korea Marker (JKM) index jumped nearly 39 percent to 15.068 dollars per MMBtu.