Asian liquefied natural gas prices surged to a three-year high of $25.40 per million British thermal unit, more than doubling from last week. This spike follows Qatar's suspension of production at the world's largest LNG export plant and shipping disruptions through the Strait of Hormuz due to the escalating Middle East conflict. Qatar supplies roughly a fifth of global LNG, with major Asian buyers like China, India, South Korea, and Taiwan now scrambling for alternatives.

European natural gas prices also hit a 2023 peak, climbing 70% since Friday, as traders anticipate prolonged supply gaps. The situation threatens the European Union's winter inventory plans, which are critical as the bloc phases out Russian gas imports. China and India face the biggest short-term impacts from Qatar's shutdown, potentially shifting to coal or expensive spot cargoes.

In the long term, this crisis may force energy companies to overhaul diversification strategies, as cargo competition between Europe and Asia intensifies amid volatile price spreads.