UK natural gas futures jumped more than 40% on Monday to 115 pence per therm, reaching their highest level since February 2025, after QatarEnergy suspended LNG production at the Ras Laffan and Mesaieed industrial cities. The shutdown followed reports from Qatar’s Defense Ministry that two Iranian drones struck energy facilities earlier in the day. The escalation came after the US carried out strikes on Iranian territory, prompting Tehran to retaliate with attacks on regional allies. Investors also monitored disruptions to traffic through the Strait of Hormuz, a vital corridor for global energy supplies. The strait handles roughly one-fifth of global LNG trade, including key exports from Qatar, which accounts for about 15% of Europe’s LNG imports. With domestic gas storage less than 30% full at the end of February, the UK market remains highly vulnerable to external supply shocks.

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