European Gas Prices Hold Near Multi-Year Peaks Amid Persian Gulf Tensions
European natural gas prices held near multi-year highs due to supply risks and regional tensions. The Dutch front-month contract rose by 0.5% to trade at 79.64 euros per megawatt-hour, remaining close to its highest level since 2023.
The escalation of the military conflict in the Persian Gulf has kept global energy supply security on edge ahead of winter. Iranian-backed Houthis launched coordinated strikes on several Saudi Arabian cities, drawing a key regional U.S. partner deeper into the conflict.
European utilities are competing aggressively with Asian buyers for uncommitted Atlantic basin LNG cargoes due to the threat of shipping restrictions or sustained naval blockades in the Persian Gulf. Crude oil prices have held firm above $100 a barrel.