UK Natural Gas Rises on Escalating US-Iran Hostilities

2026-09-02 06:21 By Judith Sib-at 1 min. read

UK natural gas prices climbed above 180 pence a therm on Wednesday, the highest level since January 2023, as rising hostilities between the US and Iran heightened fears of a prolonged disruption to LNG supplies from the Persian Gulf.

Iran struck back at US military bases in Jordan, Kuwait and Bahrain following the latest US attacks on Iranian targets near the Strait of Hormuz, which President Trump said were in response to Iranian mine-laying attempts in the waterway and an earlier attack on a US base in Jordan.

The escalation comes as LNG flows through the strait were almost at a standstill, tightening supplies and forcing European buyers to compete more aggressively for alternative cargoes as they prepare for the winter heating season.

With European gas storage levels still below their usual seasonal levels, an extended disruption would leave the region more exposed to sharper price volatility once colder weather arrives.



News Stream
UK Natural Gas Prices Hover Near 2022 High
UK natural gas prices rose above 210 pence per therm, near their highest level since late 2022, as Middle Eastern LNG exports remained constrained and gas storage levels were still low. Shipping disruptions through the Strait of Hormuz trapped almost 20% of global LNG shipments from the Persian Gulf. Although countries including the US, Canada, and Nigeria have increased LNG exports, curtailed supplies from the Persian Gulf has intensified competition for spot cargoes, limiting availability for Europe and making it harder for the region to rebuild inventories. Europe’s gas storage facilities are around 74.1% full, still below historical averages. Exacerbating the problem, forecasts point to cooler autumn, which could drive up heating demand and prompt earlier withdrawals from storage. Meanwhile, growing renewable output in the UK has reduced dependence on gas-fired electricity, but the country remains exposed to fuel price swings.
2026-10-14
UK Gas Hits Near 4-year High
UK Gas increased to 211.26 GBp/thm, the highest since December 2022. Over the past 4 weeks, Natural Gas UK gained 2.77%, and in the last 12 months, it increased 159.41%.
2026-10-13
UK Gas Hits 4-week High
UK Gas increased to 207.42 GBp/thm, the highest since September 2026. Over the past 4 weeks, Natural Gas UK gained 0.92%, and in the last 12 months, it increased 158.17%.
2026-10-12