Brent Crude Near $112 as Qatar LNG Remains Offline — Global Energy Crisis Deepens

Brent crude settled near $112/bbl on Day 22 as Qatar's LNG production remained fully halted — the second consecutive day without output from one of the world's top LNG producers. Asian LNG spot prices surged 18% overnight as European and Asian buyers scrambled for alternative supply from Australia, the United States, and Russia. European natural gas (TTF benchmark) futures jumped 22% in their largest single-day move in 14 months. Fertilizer prices — heavily dependent on natural gas as feedstock — rose 15–20% on global commodity exchanges. The UN Food and Agriculture Organization (FAO) issued an emergency alert warning that the Qatar LNG halt could push food prices to record highs by mid-2026 if production is not restored within two weeks. The IEA's coordinated strategic petroleum reserve (SPR) release of 400 million barrels (announced earlier in the conflict) is providing partial cushion for oil markets but does not address the LNG gap. Japan, South Korea, and Taiwan — almost entirely dependent on Persian Gulf energy imports — activated national energy emergency protocols. The US Energy Department confirmed it is accelerating LNG export authorizations from Gulf Coast terminals to partially offset the shortfall.