The Digester

Qatar LNG shutdown and Hormuz attacks send gas and oil soaring

Mar 3rd 2026

Attacks on Qatari LNG facilities and escalating strikes around the Strait of Hormuz drove sharp spikes in gas and oil prices, hammered markets and risked major supply shortages.

  • QatarEnergy halted LNG production after attacks on Ras Laffan and Mesaieed with no reported casualties.
  • European day-ahead gas jumped about 41% to €45/MWh and UK gas rose about 40% to 110p per therm.
  • The shutdown could remove nearly 20% of global LNG supply, increasing competition between Europe and Asia for cargoes.
  • Brent crude rose as much as 13% to $82 a barrel and was trading around $77 later in the day.
  • Attacks in the Strait of Hormuz disrupted tanker movements, prompted IMO warnings, and led Maersk to suspend transits through the region.
  • Global stock markets fell and airlines were hit while oil and defence shares gained, and Opec+ agreed a small 206,000 barrel per day output increase for April.

Sources

theguardian.com