European Gas Prices Jump 5 Percent to Three and a Half Year High as Iran US Tensions Escalate

According to Oilprice.com, Europe's benchmark natural gas price at the Dutch TTF hub jumped 5 percent in early Amsterdam trading on Monday, 9 Shahrivar 1405 (August 31, 2026), rising above 70 euros, about $81.20, per megawatt hour, the front month contract's highest level in more than three and a half years, since January 2023. According to a data provider, the benchmark remained above 70 euros on Tuesday as well. The resumption of US Iran strikes since Sunday night deepened concern over LNG supply from the Persian Gulf.

Global oil prices also rose 3.6 percent over the same period. LNG tanker traffic through the Strait of Hormuz remains halted, even though some crude oil shipments through the route had partly resumed in recent weeks. Qatar also said last week it was extending the force majeure on its LNG deliveries by another month, a factor that, combined with the renewed fighting, pushed European gas prices higher at the start of this week.