Iran-US Tensions Spark European Gas Price Surge

European natural gas prices have surged to over three and a half years high amid escalating tensions between the US and Iran.

The price jump, reaching above €74/MWh on Monday, is attributed to concerns that supplies from the Persian Gulf could be disrupted further.

Iran has said it will establish a restricted maritime zone beyond the Strait of Hormuz in the coming days, following US strikes on Iranian oil tankers.

The move comes after Tehran targeted oil tankers and several US-linked vessels, heightening concerns that Qatari LNG shipments to Europe could be delayed.

With gas storage facilities currently around 62% full, below the five-year seasonal average, Europe is approaching the end of its summer storage injection period.