UK Natural Gas Prices Soar Above 150 Pence per Therm Amid Escalating US-Iran Tensions
On July 24, 2026, UK natural gas prices surged above 150 pence per therm for the first time in four months. This price increase is attributed to growing concerns about Europe's liquefied natural gas (LNG) supply security due to escalating US-Iran hostilities.
The US executed its 13th consecutive night of airstrikes on Iran, prompting President Donald Trump to warn Tehran and its Houthi allies in Yemen that they would face severe military retaliation if they carry out additional attacks on Red Sea vessels.
UK gas prices have risen by over 9% this week and more than 44% in July so far. Reduced LNG shipments from the Persian Gulf have heightened competition with Asian buyers, while a heatwave across Europe has increased electricity demand for air conditioning.