UK Natgas Prices Jump

2026-03-19 07:52 By Judith Sib-at 1 min. read

UK natural gas futures jumped 20% to 170 pence per therm, hitting their highest level since January 2023, after Iran targeted major LNG facilities in the Middle East.

Missile strikes set parts of Qatar’s Ras Laffan LNG complex, one of the world’s largest LNG hubs, on fire and caused significant damage.

Production at the facility had already been halted earlier in the month following prior attacks.

The UAE also suspended operations at its Habshan gas facilities and the Bab oil and gas field due to falling debris after missiles were intercepted over the sites.

The Strait of Hormuz, through which roughly 20% of global LNG flows, remains closed.

The situation is critical for Europe as it heads into the summer season and needs to refill gas storage, with levels about 15 percentage points below the five-year average following a cold winter.

The UK is particularly vulnerable due to its limited storage capacity and heavy reliance on imported gas.



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