European Gas Prices Soar Amid Middle East Conflict

The European benchmark Dutch TTF natural gas price for October 2026 delivery reached an intraday high of €70.85 per megawatt-hour on Monday, according to ICE data.

This spike in prices is due to uncertainty over liquefied natural gas (LNG) supplies from the Gulf, following renewed fighting between US and Iranian forces near the Strait of Hormuz.

The Strait of Hormuz, through which roughly one-fifth of global LNG trade passes, remains effectively closed, disrupting LNG exports and putting upward pressure on European prices.

EU gas storage facilities are currently 64.7% full, leaving inventories below historical levels for this time of year, making it difficult to refill them ahead of winter.