Gas Prices Soar as US-Iran Tensions Disrupt LNG Supplies

European natural gas prices have surged to €73.7/MWh, their highest level in over three and a half years, due to concerns over supply disruptions.

The ongoing conflict between the US and Iran has severely impacted LNG shipments from the Persian Gulf, with Qatar largely suspending exports and extending force majeure on cargoes bound for European and Asian markets through autumn.

As a result, gas storage injections in Europe have slowed, leaving facilities around 66% full, below the seasonal average. This leaves the market vulnerable as the heating season approaches.