March 9, 2026 - Coal prices jumped to the highest level since November 2024 as continuing military strikes in the Middle East pushed countries around the world to consider switching away from oil and gas stuck in the region.

Newcastle coal futures, the Asian benchmark, soared as much as 9.3% to $150 a ton on Monday. That came alongside a surge in crude oil prices to almost $120 a barrel as Gulf producers cut production.

An Iranian drone attack last week forced Qatar to halt the biggest LNG export facility in the world, which accounts for about 20% of global supply. That’s prompted buyers to look for alternatives, with some importers like Taiwan weighing ramping up the use of coal power plants if the outage proves lengthy.

Gas prices have climbed as well. European natural gas surged as much as 30% on Monday while Asian spot prices have doubled over the past week and remain elevated.