TTF Prices Surge on Iran Tensions, Hormuz Risks

2026-02-26 16:28 By Agna Gabriel 1 min. read

European natural gas futures rose past €32/MWh after Iranian state media said Tehran would not allow enriched uranium to leave the country, underscoring tensions in ongoing US-Iran nuclear talks in Geneva ahead of President Donald Trump’s deadline for a deal.

While Omani mediators earlier described the discussions as constructive, fears of escalation revived concerns over potential supply disruptions, particularly through the Strait of Hormuz, a critical chokepoint for nearly 20% of global LNG trade, including exports from Qatar and the United Arab Emirates.

Any blockage would significantly tighten global gas availability, especially for Europe, which has relied more heavily on LNG since losing most Russian pipeline flows.

On top of that, EU gas storage remains low, with inventories below 31% versus 40% a year ago, including Germany at 20.5% and France at 21%.

Still, rising wind and solar output and strong LNG arrivals into March could help ease supply pressures.



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