US-Iran Tensions Eased Sends European Gas Prices Plummeting
European natural gas prices plummeted by 8.6% at the opening of trading in Amsterdam on Monday, as hopes for de-escalation between the US and Iran sparked a decline in global oil prices.
The August 2026 contract for Dutch TTF Natural Gas Futures dropped to $66.29 (58.12 euros) per megawatt-hour (MWh), down from Friday's intraday high of over $73 (64 euros) per MWh, according to data available at 6:46 a.m. Amsterdam time.
The sudden drop in prices reflects the market's relief that tensions between the US and Iran have eased, following a pause in strikes by the US over the weekend, and Tehran's signal to halt retaliatory attacks across the Middle East.
However, experts warn that unless Qatari LNG flows recover soon, EU gas storage levels risk falling behind refill targets ahead of the next heating season. Europe is heading for its second-lowest level of gas storage in 15 years, prompting a frantic effort to procure additional LNG for winter.