European natural gas prices surged back above €100 per megawatt-hour on Friday, driven by fears that the US might escalate military action against Iran. This move could further disrupt gas supplies from the Middle East, a critical region for European energy imports.
The rally was reflected in Dutch gas futures for December delivery, the most actively traded contract, which climbed more than 5% in early trading. This followed a brief pullback in the previous session, highlighting the market's volatility amid geopolitical tensions.
Benchmark contracts were on track to close the month with a roughly 42% gain, marking the steepest monthly increase since March, when the Iran war began. The conflict has already caused significant disruptions in global energy markets, and any further escalation could exacerbate supply constraints.