European Gas Hits 4-Month High as US-Iran Hostilities Intensify

2026-07-20 00:36 By Judith Sib-at 1 min. read

European natural gas prices surged as high as €60.5 per MWh during Asian trading on Monday, marking a four-month high, before trimming gains to around €58.5, amid mounting fears of deeper supply disruptions as hostilities between the US and Iran escalated over the weekend.

The US Central Command said on Sunday that it had carried out a fresh round of strikes against Iran for the ninth consecutive night, while Kuwait and Bahrain reported Iranian attacks.

The conflict has widened beyond military targets to include bridges, utility infrastructure, and port facilities, increasing the risk of a return to full-scale war.

Shipping activity through the Strait of Hormuz has largely come to a halt, with the US enforcing a naval blockade on Iranian ports and Tehran targeting vessels it says are violating its regulations.

These supply risks, coupled with stronger demand for power generation, are making it more difficult for Europe to refill its vast storage facilities before winter.



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