European gas prices surge to more than double since beginning of war on Iran

The price of gas has increased significantly since Iran’s attack on Qatar’s Ras Laffan complex, which disrupted around 20 percent of global natural gas flows.

Markets in the UK and Europe saw prices rise by more than 25 percent in early trading, before easing slightly. They currently stand at more than double the level prior to the US-Israeli attacks on Iran. 

Iran targeted Qatar’s gas facility in retaliation for Israeli strikes on Iran’s South Pars gas field on Wednesday.

Bloomberg Intelligence warned that European gas prices could surge by more than 30 percent later in the year as the war on Iran threatens global supply levels.

The report raised concerns for affordability and energy security due to low storage levels across Europe, with prolonged effects for markets even if tensions were to ease quickly.