UK Natural Gas Prices Jump on Renewed Middle East Tensions

2026-05-05 06:57 By Judith Sib-at 1 min. read

UK natural gas futures jumped 6% toward 117 pence per therm, reaching their highest level in four weeks, as tensions in the Middle East flared again.

A fragile ceasefire between the US and Iran is under strain after both sides fired shots in the Strait of Hormuz, drawing in the UAE.

The US said it struck seven Iranian fast boats in the strait and denied Iran’s claim that it had hit American warships.

Meanwhile, the UAE said it intercepted multiple Iranian drones and missiles, and a fire broke out in Fujairah following an attack, marking the first reported Iranian-linked strike since a fragile ceasefire took hold in early April.

Since the war began, UK gas prices have surged more than 50% as tighter supply heightened competition for cargoes, although prices have eased from earlier peaks due to softer demand from Asian buyers.

Meanwhile, weather forecasts for May across Europe suggest volatility, with alternating storm systems and warmer spells likely to drive fluctuations in demand.



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