The global rebound in economic activity after the easing of coronavirus lockdowns has laid bare a shortage of natural gas stocks and other fuel supplies, squeezing consumer budgets and causing blackouts in some countries.
To keep factories open and homes heated, industry executives and governments are having to pay much more for energy and revert to coal and oil, the most polluting fossil fuels.
As some generators switched to burning oil, crude futures jumped to multi-year highs on Monday, with analysts predicting that prices will stay strong.
LNG prices, which sank to record lows at the height of pandemic lockdowns, have surged this year to record highs, but Qatar said it has no supplies available to calm the market.
Across the globe, the high prices are pressuring governments and industry, which has warned of the risk of job losses and costs being passed on to customers and consumers.