US Strikes on Iran Send European Gas Prices Soaring
Dutch natural gas prices jumped 4.7% on Monday to hit their highest level since March 19, 2026, as US strikes on Iranian missile sites sparked fresh panic over European supply security.
The benchmark Dutch front-month contract rose by 3.15 euros to 70.10 euros per megawatt-hour (MWh), topping the 70-euro threshold for the first time in over five months.
The price surge was triggered by a sharp escalation in regional hostilities after US forces conducted direct kinetic strikes against two Iranian rocket launchers on Larak Island in the Strait of Hormuz.
The prospect of sustained disruptions to Qatari LNG shipments has intensified competition between European utilities and Asian buyers for uncommitted spot LNG cargoes, injecting renewed cost-push inflation fears across European industrial sectors.