EU Gas Prices Surge Amid Escalating Middle East Tensions
The price of natural gas in Europe has rebounded by over 3% to above €58 per MWh on Wednesday, after two consecutive sessions of losses. The increase comes as fresh hostilities between Iran and the US have deepened concerns about prolonged supply disruptions.
US military officials reported that multiple missiles were intercepted from Iran, ending a brief lull in fighting between the two nations. This escalation worsens Europe's gas supply outlook ahead of the winter heating season, with the region racing to replenish storage levels.
Supply concerns are further exacerbated by QatarEnergy's decision to extend its force majeure for European buyers until at least the end of September. This move affects one of the world's largest LNG exporters, adding to the uncertainty surrounding global gas markets.