European Gas Advances as Trump Rejects Iran’s Proposal

2026-09-28 01:20 By Judith Sib-at 1 min. read

European natural gas prices rose toward €73/MWh on Monday after declining the previous week, as President Donald Trump rejected Iran’s seven-day proposal to reopen the Strait of Hormuz, saying the terms were unacceptable.

The move reignited concerns over prolonged disruptions to energy supplies from the Persian Gulf.

Reports that Trump expects to resume bombing Iran after the November midterms also added to uncertainty.

Despite this, Trump said he expects talks with Tehran to resume this week.

Iran, meanwhile, has reiterated its commitment to diplomacy while maintaining its existing conditions.

Europe’s relatively low gas inventories was the main concern as the winter heating season approaches, with storage facilities around 70% full, below the five-year seasonal average and the bloc’s target.

The EU reportedly warned of a potential energy price crisis stemming from the conflict, calling on member states to curb demand and continue replenishing storage ahead of winter.



News Stream
European Gas Advances as Trump Rejects Iran’s Proposal
European natural gas prices rose toward €73/MWh on Monday after declining the previous week, as President Donald Trump rejected Iran’s seven-day proposal to reopen the Strait of Hormuz, saying the terms were unacceptable. The move reignited concerns over prolonged disruptions to energy supplies from the Persian Gulf. Reports that Trump expects to resume bombing Iran after the November midterms also added to uncertainty. Despite this, Trump said he expects talks with Tehran to resume this week. Iran, meanwhile, has reiterated its commitment to diplomacy while maintaining its existing conditions. Europe’s relatively low gas inventories was the main concern as the winter heating season approaches, with storage facilities around 70% full, below the five-year seasonal average and the bloc’s target. The EU reportedly warned of a potential energy price crisis stemming from the conflict, calling on member states to curb demand and continue replenishing storage ahead of winter.
2026-09-28
European Gas Falls on Hormuz Deal Hopes
European natural gas prices dropped below €72 per megawatt-hour on Friday, paring back the previous session’s gains amid reports of US-Iran discussions over a phased agreement to reopen the Strait of Hormuz and end the US blockade. The strait remains a major sticking point in efforts to resolve the nearly seven-month conflict, with neither side willing to relinquish control of the key waterway. LNG flows from the Persian Gulf remain severely disrupted, intensifying competition between Europe and Asia for limited supplies just as the region races to rebuild inventories ahead of the winter heating season. European gas storage is currently just over 70% full, still below both the seasonal norm and the region’s target, leaving the market vulnerable to further supply disruptions. Maintenance in Norway is also curbing pipeline supplies to Europe, tightening the market further. European gas prices have declined more than 8% over the week.
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European Gas Rebounds on Middle East Uncertainty
European natural gas prices rose toward €75/MWh on Thursday, rebounding from a three-week low amid uncertainty over a resolution to the Middle East conflict that could reopen the Strait of Hormuz. Iranian President Masoud Pezeshkian said that Tehran would never surrender to the US but remained open to dialogue and diplomacy, while setting conditions for a return to negotiations. The key waterway remains largely closed, impeding LNG flows from the Persian Gulf. Europe’s gas storage position remains a key concern as the winter heating season approaches. Storage facilities are around 70% full, still below the five-year seasonal average and the region’s 80% target. Goldman Sachs reiterated upside risks to gas prices, warning that European benchmark could rise above €100/MWh in peak winter if Gulf LNG exports do not increase.
2026-09-24