EU Gas Prices Climb as Middle East Tensions Persist

European natural gas prices rose to above €60 per MWh on Tuesday, hitting a fresh four-month high as the US and Iran continued to exchange strikes while President Donald Trump downplayed the likelihood of imminent talks. Trump said Iran “desperately wants to meet” but added that the US had no interest in talks. Iran, however, rejected these claims. Trump also warned of retaliation if Iran-backed Houthi rebels disrupted shipping in the Red Sea and renewed threats to strike Pickaxe Mountain, a suspected Iranian nuclear facility. The escalating conflict has disrupted tanker traffic through the Strait of Hormuz and curtailed LNG exports from the Gulf, fueling concerns over tighter global gas supplies. Europe is currently in the process of refilling storage facilities ahead of the heating season, and reduced LNG availability from the Gulf could force the bloc into more intense and costly competition with Asian buyers for available cargoes.




