TTF Gas Prices Surge on Middle East Supply Fears

2026-03-01 11:14 By Anna Fedec 1 min. read

European natural gas futures surged more than 25% to €40/MWh on Monday, its highest level in over eight months, as a major escalation in the Middle East threatened global LNG supplies.

US and Israeli strikes on Iran have raised regional instability, with Tehran blocking traffic through the Strait of Hormuz, a key chokepoint for nearly 20% of global LNG trade, including exports from Qatar.

While Qatari volumes account for about 15% of Europe’s LNG imports, any disruption would likely hit Asian buyers hardest, intensifying competition for alternative cargoes and tightening the global market, with knock-on effects for Europe.

The risk is amplified by low EU gas storage levels, now below 31% versus 40% a year ago.

Germany’s storage stands at 20.5% and France’s at 21%, leaving the region more exposed to supply shocks.



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