A drone attack on Qatar's LNG infrastructure cut global supply by 20%, spiking gas and coal prices worldwide.

A drone attack on Qatari infrastructure disrupted LNG exports, cutting 20% of global supply and spiking Asian LNG prices over 116% to $22.50 per million Btu. This triggered a surge in European gas prices to 53 EUR/MWh, prompting limited fuel switching to coal, which pushed the Newcastle coal index to $150 per ton. While coal demand rose in Europe and parts of Asia, actual imports remained restrained due to high prices and declining coal capacity. Taiwan and South Korea are securing coal to hedge against supply risks, but large-scale switching is limited. Analysts warn prices could exceed 70 EUR/MWh if disruptions persist, threatening energy security and global supply chains.