Gas crisis: why Europe is directly impacted

During the night of March 18 to 19, 2026, new attacks targeted Qatar, weakening its gas infrastructure. The Ras Laffan complex, a major LNG production site, suffered significant damage.
These events follow an Israeli strike on the South Pars offshore gas site, one of the largest natural gas reserves in the world, accounting for about 70% of Iranian production.
Immediate consequence: around 17% of Qatar’s export capacity is expected to be unavailable for 3 to 5 years, preventing the country from fulfilling certain supply contracts.
As early as the morning of March 19, the TTF (Dutch index considered the European benchmark) Day Ahead price reacted sharply: the price of gas rose from €55/MWh to nearly €70/MWh in a few hours.

Why is Europe affected?

Even though Europe does not primarily depend on Qatar (its LNG imports are dominated by the United States, at around 60%), it remains highly exposed to the global market.
Today, Qatar accounts for only about 8 to 10% of European LNG. Yet this does not protect the continent.
LNG is a global market:
cargoes can be redirected depending on the prices offered. In other words, they go to the highest bidder.
As a result: cargoes initially destined for Europe may be redirected to Asia.
Asia now accounts for nearly 50% of global gas demand growth, which increases competition and drives prices up.

Triple pressure on Europe

These events create a particularly tense situation:
Rising gas prices
High market volatility
Increased competition with Asia
Reduced global supply

Conclusion