European Gas Prices Surge Amid Renewed Middle East Tensions

2026-07-08 01:10 By Judith Sib-at 1 min. read

European natural gas prices climbed above €49 per MWh on Wednesday, extending their gains to a near one-month high, as renewed tensions in the Middle East stoked fears of a new wave of supply disruptions.

Iran said it had attacked US military bases in Bahrain and Kuwait after Washington launched strikes on Iranian targets and revoked a license permitting the country to sell oil.

The US actions came in response to attacks on three merchant vessels in the Strait of Hormuz.

The fresh attacks threaten the interim deal reached last month that had reopened the shipping route.

Additional support came from forecasts of an intense heatwave across parts of Northwest Europe, which is expected to boost electricity demand for air conditioning and increase gas-fired power generation.

This comes amid a slower-than-usual pace of seasonal storage replenishment.

Moreover, flows from Norway, currently the region's largest single pipeline supplier, fell slightly after seasonal maintenance was extended.



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