Natural gas prices surged after Qatar halted production of liquefied natural gas following military attacks on two of its facilities. The disruption rattled global energy markets, as Qatar is a major supplier and ships fuel through the strategically vital Strait of Hormuz, where traffic has declined amid security warnings.

European benchmark gas prices jumped by as much as 50 percent, reaching their highest level in a year, while prices in the United States rose modestly because the country produces most of the gas it consumes. Analysts warned that a prolonged shutdown of shipments through the strait could send European prices up by more than 100 percent, reviving levels seen after Russia's invasion of Ukraine.

Asia, which receives much of the gas shipped through the strait, could be forced to compete with Europe for supplies from the United States, Australia and other exporters. With European storage levels already low, experts cautioned that an extended disruption would intensify competition and keep prices elevated, raising concerns about securing supplies for next winter.