UK Gas Hits 6-week High

UK natural gas futures rose further above 126 pence per therm, reaching a near six-week high, amid ongoing supply disruptions in the Persian Gulf. US-Iran negotiations remained deadlocked as both sides maintained a tough stance, keeping the Strait of Hormuz largely inaccessible. President Donald Trump warned Iran of possible consequences if a deal was not reached quickly, saying his patience was running out. A drone attack at a UAE nuclear facility over the weekend also highlighted the fragility of the ceasefire. Meanwhile, Trump and Chinese President Xi Jinping agreed that the strait should be open, though no concrete steps were taken to restore normal transit conditions. LNG shipments to Europe have been disrupted since the conflict began in late February, particularly after fighting spread to major production facilities in Qatar. The situation has heightened concerns across Europe as the region seeks to replenish gas storage ahead of next winter.

UK natural gas futures rose to 121 pence per therm, the highest level in more than five weeks, as concerns over further disruptions to shipping through the Strait of Hormuz persisted. President Donald Trump cautioned Iran to accept a deal or risk “annihilation,” adding that his patience with Tehran was wearing thin. His remarks came even as Iran said that around 30 vessels had been permitted to transit the Strait since Wednesday evening. Washington and Tehran failed to agree on a US-drafted peace proposal earlier this week, leaving the critical waterway largely closed. Around one-fifth of the world’s LNG supply has been disrupted since the conflict began in late February. Although most gas from the Persian Gulf goes to Asia, the disruption has tightened global supply and increased competition, fueling concerns in Europe as the region needs to replenish inventories before next winter. So far this week, UK gas prices have surged more than 12%.

UK Gas increased to 119.87 GBp/thm, the highest since April 2026. Over the past 4 weeks, Natural Gas UK gained 12.32%, and in the last 12 months, it increased 42.99%.