European Gas Prices Soar on Gulf Conflict and British Wholesale Surge
European natural gas prices surged to their highest levels since March on Tuesday, driven by escalating military conflict in the Persian Gulf and a post-holiday surge in British wholesale contracts.
The benchmark price rose 1.3% to 71.30 euros per megawatt-hour (MWh), building on a nearly 5% jump in the previous session to hold comfortably above the 70-euro threshold.
In Great Britain, returning traders played catch-up after Monday's public holiday, sending the price up 6.4% to 175.40 pence per therm.
The sustained rally reflects an compounding geopolitical risk premium, with institutional energy desks scrambling to secure volume commitments as direct military engagements between U.S. and Iranian forces threaten prolonged supply disruptions through vital maritime bottlenecks.