European Gas Rises on Fresh Middle East Fighting

2026-08-31 01:28 By Judith Sib-at 1 min. read

European natural gas prices rose near €69/MWh, the highest since January 2023, as renewed fighting in the Middle East raised concerns over further delays to LNG exports from the Persian Gulf.

Iran said it launched an attack on US air bases in Jordan hours after US forces struck two Iranian launchers on an island in the Strait of Hormuz, escalating tensions after a week of mediation efforts failed to break the deadlock between the two sides.

The disruptions have already constrained LNG exports from major Gulf producers such as Qatar, tightening supplies to Europe during the critical gas-storage refill season.

European storage facilities were 63% full in the final week of August, well below historical averages and among the lowest levels recorded for this time of year.

Although the European Commission has recently indicated there is no immediate concern over gas supplies, traders are concerned that intensified competition with Asia for supplies could push prices even higher.



News Stream
European Gas Rises on Fresh Middle East Fighting
European natural gas prices rose near €69/MWh, the highest since January 2023, as renewed fighting in the Middle East raised concerns over further delays to LNG exports from the Persian Gulf. Iran said it launched an attack on US air bases in Jordan hours after US forces struck two Iranian launchers on an island in the Strait of Hormuz, escalating tensions after a week of mediation efforts failed to break the deadlock between the two sides. The disruptions have already constrained LNG exports from major Gulf producers such as Qatar, tightening supplies to Europe during the critical gas-storage refill season. European storage facilities were 63% full in the final week of August, well below historical averages and among the lowest levels recorded for this time of year. Although the European Commission has recently indicated there is no immediate concern over gas supplies, traders are concerned that intensified competition with Asia for supplies could push prices even higher.
2026-08-31
European Gas Market Firm as LNG Supply Risks Persist
European natural gas prices fluctuated above €65/MWh, their highest level since January 2023, amid concerns over global LNG supply after the Middle East conflict disrupted around one-fifth of global LNG flows and hindered Europe’s summer stockpiling. EU gas storage levels are currently around 63% full, the lowest seasonal level since 2009, well below historical averages. While the European Commission remains confident that substantial spare LNG import capacity and a storage target of 80% will be sufficient to meet winter demand, Europe is expected to face intense competition from Asia for available cargoes. Meanwhile, signs of improving flows through the Strait of Hormuz and discussions surrounding an Iran–Oman shipping arrangement have eased some concerns over immediate supply disruptions. Market attention is increasingly shifting toward the economic and sanctions-related consequences of the Iran situation rather than an imminent physical supply shock.
2026-08-28
European Gas Fluctuate on Middle East Uncertainty
European natural gas prices fell to €67.5/MWh on Friday, but remained near their highest level since January 2023, as supply risks remain amid uncertainty over a Middle East peace deal. Prices jumped on Thursday after reports that President Trump was not interested in returning to the terms of a June deal with Iran. This reversed losses from earlier this week, which were driven by progress in talks between Pakistan and Iran to end the conflict and an agreement between Tehran and Oman on control and revenues tied to the Strait of Hormuz. The near-closure of the Strait has continued to disrupt LNG supplies from Qatar, while extreme summer heat-driven cooling demand diverted supplies from storage. These have left Europe scrambling to secure supplies, heightening fears that the region could enter the winter heating season with insufficient reserves. For the week, European gas prices climbed more than 4%, their third straight weekly gain.
2026-08-28