UK natural gas futures rose more than 3% to above 118 pence per therm, as fighting in the Middle East flared up and diplomatic talks remain at an impasse. The US military said that Iran fired several ballistic missiles toward regional neighbors but failed to hit their targets, as American and allied forces intercepted missiles aimed at Kuwait and Bahrain, while the US also struck an Iranian military ground control station on Qeshm Island in response. This comes as Israel continued its attacks in Lebanon. Despite the escalation in hostilities and Iran’s claims that negotiations have stalled, President Trump insists that talks are ongoing. The lack of meaningful progress toward a resolution has heightened fears that disruptions to energy flows from the Persian Gulf could persist. With storage facilities currently only 38% full, the prolonged disruption complicates Europe’s efforts to refill inventories before next winter.

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