European Gas Prices Hold Steady Amid US-Iran Tensions
European natural gas prices held steady at €73 per MWh on Thursday after reaching their highest intraday level since January 2023, as investors weighed the risk of supply disruptions.
The recent US-Iran military strikes have escalated tensions in the region, with President Trump warning that Tehran could face heavy attacks if the dispute over the Strait of Hormuz remains unresolved.
The Strait is a strategic waterway through which around one-fifth of global LNG trade passes, primarily from Qatar.
With winter approaching and European gas storage levels below seasonal norms, the market remains highly sensitive to any prolonged disruption to Gulf supplies.