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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UK Natural Gas Prices Jump on Renewed Middle East Tensions
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.
2026-05-05
UK Natural Gas Futures Stay High on Hormuz Disruptions
UK natural gas futures traded around 112 pence per therm, staying elevated after two weeks of gains driven by ongoing disruptions linked to the Middle East conflict. Donald Trump said the US would begin guiding neutral vessels through the Strait of Hormuz, which has been effectively closed since late February and has disrupted around a fifth of global LNG flows. However, traders remain cautious about the practicality of the plan following recent security incidents near Fujairah. UK gas prices are up about 40% since the conflict began as tighter supply increased competition for cargoes, although they have eased from earlier highs as some Asian buyers scaled back imports. Weather outlooks for May point to more volatile conditions across Europe, with alternating storms and warmer spells that could increase cooling demand.
2026-05-04
UK Natgas Prices at Over 3-Week High
UK natural gas futures rose to around 117.6 pence per therm, marking their highest level in over three weeks, on prospects of prolonged disruption in the Strait of Hormuz. President Donald Trump has rejected Iran's proposal to reopen the waterway, opting instead to maintain a naval blockade to increase pressure on Tehran over its nuclear program. Iran has warned that it would retaliate if US blockade continues, accusing Trump of using economic pressure to force surrender. With the strait effectively shut for two months, roughly one-fifth of global LNG supply has been constrained. Meanwhile, softer demand from Asia helped ease pressure on European markets by reducing competition for LNG cargoes. National Gas also said the UK is expected to have sufficient supply to meet summer demand and may even allow some exports to mainland Europe. UK gas prices are on track for a monthly decline, following the sharp rally in March.
2026-04-30