UK Gas Prices Rise Further

2026-08-11 07:09 By Judith Sib-at 1 min. read

UK natural gas prices extended sharp gains on Tuesday, rising to 151 pence per therm, as the prospect of a deal to reopen the Strait of Hormuz faded amid demands from the US and Iran.

President Trump on Monday called for Iran to compensate for people it has killed in conflicts, after Tehran sought compensation for damage caused by US and Israeli attacks.

This tempered hopes for an immediate resolution that would restore LNG flows through the Persian Gulf.

The ongoing disruption has tightened global LNG supplies, intensifying competition with Asian buyers and hampering Europe’s efforts to replenish gas stockpiles ahead of winter.

European storage levels recently fell to their lowest seasonal levels in records going back to 2009, heightening concerns over winter supplies.

Traders also monitor the extended supply cuts at the Ormen Lange gas field in Norway, Europe’s largest pipeline supplier, as this could further tighten Europe’s already strained gas market and amplify price volatility.



News Stream
UK Gas Prices Rise Further
UK natural gas prices extended sharp gains on Tuesday, rising to 151 pence per therm, as the prospect of a deal to reopen the Strait of Hormuz faded amid demands from the US and Iran. President Trump on Monday called for Iran to compensate for people it has killed in conflicts, after Tehran sought compensation for damage caused by US and Israeli attacks. This tempered hopes for an immediate resolution that would restore LNG flows through the Persian Gulf. The ongoing disruption has tightened global LNG supplies, intensifying competition with Asian buyers and hampering Europe’s efforts to replenish gas stockpiles ahead of winter. European storage levels recently fell to their lowest seasonal levels in records going back to 2009, heightening concerns over winter supplies. Traders also monitor the extended supply cuts at the Ormen Lange gas field in Norway, Europe’s largest pipeline supplier, as this could further tighten Europe’s already strained gas market and amplify price volatility.
2026-08-11
UK Natural Gas Prices Advance
UK natural gas prices rose above 142 pence per therm on Monday, recovering most of the previous week’s losses week amid uncertainty over the normalization of shipping through the Strait of Hormuz. Iran and Oman remained short of a final agreement over the weekend after Tehran renewed a lengthy list of demands for Washington as conditions for a full reopening of the strategic waterway, indicating any immediate relief for gas supplies could remain limited. Although Iran indicated that a deal was close, it cautioned that this did not mean the strait would reopen imminently, while again ruling out any direct negotiations with the US. With a deal still elusive, disruptions to LNG shipments through the key waterway are likely to persist, delaying cargoes from major exporters such as Qatar. The ongoing delays have kept global supply balances tight, intensifying competition with Asian buyers for available cargoes and hampering Europe's winter stockpiling efforts.
2026-08-10
UK Natural Gas Rises Further
UK natural gas prices rose further to 140 pence per therm on Friday, recovering most of the losses recorded earlier in the week as renewed tensions in the Strait of Hormuz heightened uncertainty over the resumption of LNG flows from the Persian Gulf. Iranian state media reported that naval forces had carried out an operation against “hostile targets” near the strait following explosions heard on Qeshm Island. Tehran is also reportedly seeking to restrict US and Israeli vessels from transiting the waterway under a proposed agreement with Oman, while demanding compensation from countries it views as hostile before allowing passage. Ongoing disruptions to LNG shipments from key exporters such as Qatar have kept global supply conditions tight, intensifying competition with Asian buyers for available cargoes and complicating Europe’s efforts to rebuild gas inventories ahead of winter.
2026-08-07