2026.03.2006:58:02UTC+00Coal Extends Rally on Mideast Disruptions

Coal prices have surged above $140 per ton, their highest level since October 2024, as prolonged disruptions to global oil and gas supplies linked to the Middle East conflict force major economies to rely more heavily on coal for power generation. Soaring natural gas prices are prompting European countries to ramp up coal-fired electricity output, despite increasing generation from renewable sources. European gas futures have risen to three-year highs after Iran launched attacks on Qatar’s largest LNG export facility in retaliation for an Israeli strike on Iran’s South Pars gas field. In Australia, New South Wales has announced a ban on new coal mine applications as part of its net-zero strategy, further tightening global supply. The state exports most of its thermal coal to power plants in Japan, China, and Taiwan. At the same time, Indonesia has moved to allow miners to increase production in response to the recent price spike driven by disruptions related to the Iran conflict.