European gas spikes after US strikes on Iranian missile sites
Dutch natural gas prices jumped 4.7% on Monday to hit their highest level since March 19, 2026, as direct military clashes between U.S. and Iranian forces in the Middle East sparked fresh panic over European supply security heading into the autumn heating season. The benchmark Dutch front-month contract rose by 3.15 euros to 70.10 euros ...
European natural gas prices surged on Monday after U.S. forces engaged Iranian missile sites in the Middle East, causing a spike in panic over European gas supply security ahead of the heating season. The Dutch benchmark contract for front-month gas jumped by 3.15 euros to 70.10 euros per MWh, breaking the 70-euro mark for the first time in months.
Trading in British wholesale gas markets halted for a public holiday on Monday, allowing European energy traders to incorporate a heightened risk premium stemming from the conflict. The Middle East military escalation heightened concerns over liquefied natural gas (LNG) supply risks, as the Strait of Hormuz, which transports about 20% of global LNG, could face prolonged closures.
This prospect amplified competition between European utilities and Asian buyers for available spot LNG cargoes. Rising energy costs and inflationary pressures loom over European industries as they anticipate a possible interest rate hike from the European Central Bank during its Sept. 10 meeting, given the mounting evidence of persistent inflationary pressures.
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Also reported by 1 other outlet
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