EU Gas Prices Slide as US and Iran Pause Strikes

2026-07-27 00:51 By Judith Sib-at 1 min. read

European natural gas prices dropped more than 7% to below €58 per MWh on Monday, pulling back from a four-month high as the pause in US-Iran hostilities reduced concerns over deeper supply disruptions.

The US halted further attacks on Iran since Friday after 13 consecutive nights of strikes, prompting Tehran to suspend its retaliatory operations.

The pause came as Iranian and Omani officials held talks on shipping through the Strait of Hormuz.

However, concerns over Europe’s gas supply security ahead of winter remain, as the near-closure of the Strait curtailed LNG flows from the Persian Gulf, intensifying competition with Asian buyers.

Hot weather across the region has also boosted electricity demand.

European gas storage facilities were currently 54.2% full, well below the 65% level recorded a year earlier, and Equinor, the bloc’s largest gas supplier, warned last week that Europe is unlikely to reach its target of 80% storage capacity before the start of winter.



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EU Gas Prices Slide as US and Iran Pause Strikes
European natural gas prices dropped more than 7% to below €58 per MWh on Monday, pulling back from a four-month high as the pause in US-Iran hostilities reduced concerns over deeper supply disruptions. The US halted further attacks on Iran since Friday after 13 consecutive nights of strikes, prompting Tehran to suspend its retaliatory operations. The pause came as Iranian and Omani officials held talks on shipping through the Strait of Hormuz. However, concerns over Europe’s gas supply security ahead of winter remain, as the near-closure of the Strait curtailed LNG flows from the Persian Gulf, intensifying competition with Asian buyers. Hot weather across the region has also boosted electricity demand. European gas storage facilities were currently 54.2% full, well below the 65% level recorded a year earlier, and Equinor, the bloc’s largest gas supplier, warned last week that Europe is unlikely to reach its target of 80% storage capacity before the start of winter.
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European natural gas prices climbed to near €63 per MWh on Friday, reaching their highest level since January 2023, as escalating tensions between the US and Iran raised fresh concerns over Europe's LNG supply security. The US carried out its 13th consecutive night of strikes on Iran, while President Donald Trump warned Tehran and its Houthi allies in Yemen of "major military punishment" if further attacks on vessels in the Red Sea take place. European gas prices have surged more than 10% this week and over 45% since the start of July, as reduced LNG flows from the Persian Gulf intensified competition with Asian buyers for available cargoes. At the same time, unusually hot weather across Europe has lifted electricity demand for cooling, increasing gas consumption. Equinor, Europe's largest gas supplier, warned that the region is unlikely to reach its 80% storage target before the heating season, leaving markets more exposed to price volatility.
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