Global coal markets surged Monday after Qatar shut down the world's largest LNG export facility following an Iranian drone attack. Newcastle coal futures, the Asian benchmark, jumped 8.6% to $128.70 a ton, marking the biggest price increase in three years and the highest level for a front-month contract since December 2024.

The unprecedented halt at Qatar's Ras Laffan plant accounts for about a fifth of global LNG supply, causing European gas prices to spike 39%, the most in four years. Taiwan announced plans to increase coal power usage if the outage persists, highlighting how the attack is reshaping regional energy dependencies.

Coal producers benefited from the market shift as Australian mining stocks climbed. Whitehaven Coal Ltd. and New Hope Corp. both rose more than 5% in Sydney, becoming top performers on the S&P/ASX 200 index as investors anticipated higher demand for alternative energy sources.