UK Natural Gas Prices Remain Elevated

2026-08-28 06:43 By Judith Sib-at 1 min. read

UK natural gas prices fell below 165 pence per therm on Friday but remained near their highest level since January 2023, as supply risks remain amid uncertainty over a Middle East peace deal.

Prices jumped on Thursday after reports that President Trump was not interested in returning to the terms of a June deal with Iran.

This reversed losses from earlier this week, which were driven by progress in talks between Pakistan and Iran to end the conflict and an agreement between Tehran and Oman on control and revenues tied to the Strait of Hormuz.

The near-closure of the Strait has continued to disrupt LNG supplies from Qatar, while extreme summer heat-driven cooling demand diverted supplies from storage.

These factors have left Europe scrambling to secure supplies, heightening fears that the region could enter the winter heating season with insufficient reserves.

For the week, UK gas prices rose around 4%, their third consecutive weekly gain.



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