A liquefied natural gas (LNG) tanker on a digital screen at the Qatar Economic Forum (QEF) in Doha, Qatar, Tuesday, May 20, 2025.
Christophe Brochet | Bloomberg | Getty Images
Qatar announced on Monday that it had stopped the production of liquefied natural gas due to Iran attacks on two key operational installations, as the Islamic Republic expanded its retaliatory strikes to target the regional energy infrastructure of its Persian Gulf neighbors.
Qatar is one of the world’s largest LNG suppliers. About 20% of global LNG exports come from the Gulf, mainly Qatar, and pass through the Strait of Hormuz, according to energy consultancy Kpler.
Qatar The Ministry of Defense said Earlier, two drones launched from Iran struck facilities in the country, without causing any casualties. QatarEnergy, a state-owned energy company, said the attack hit its facilities in Ras Laffan Industrial City and Mesaieed Industrial City.
Read more US-Iran newsEuropean natural gas futures soared after the close. British natural gas soared about 50%, while Dutch futures jumped more than 45%. Actions by US LNG exporters Chénie Energy And Global Company jumped about 6% and more than 14%, respectively.
Iran launched missiles at U.S. allies in the Gulf this weekend in retaliation for massive U.S. and Israeli strikes that killed the Islamic Republic’s supreme leader, Ayatollah Ali Khamenei. Saudi Aramco’s Ras Tanura refinery was attacked by a drone, an industry source told CNBC. The refinery was closed as a precaution, the source said.
LNG is a type of natural gas that is supercooled to minus 260 degrees Fahrenheit in a liquid state and loaded onto tankers for transport around the world. Natural gas is mainly used for electricity generation.
—CNBC Emma Graham contributed to this report.