European Gas Prices Jump 5 Percent to Three and a Half Year High as Iran US Tensions Escalate
Sep 1, 2026
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 Trading Economics, 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.
Source
اویلپرایس (Oilprice.com)
Related news
Iran Mercantile Exchange Trades 290,000 Tons of Products in a Single Session
According to Boursenews and IME Report, the news outlet of the Iran Mercantile Exchange, a total of 290,024 tons of products changed hands across the exchange's various trading halls on Monday, 9 Shahrivar 1405 (August 31, 2026). The volume covered petrochemical, metal, agricultural and other commodities listed on the exchange. The Iran Mercantile Exchange is one of the main platforms for transparent price discovery for the country's industrial and mining products, and its daily trading volume serves as a gauge of activity across domestic supply chains and demand for basic and industrial goods.
ایمیریپورت (IME Report) · Sep 1, 2026
Iran Cancels Customs Duty Exemption on Mining Machinery Imports
Iran's Trade Development Organization has instructed Iran Customs to cancel the import duty exemption on machinery and equipment needed for the mining sector, previously granted under Article 109 of the Mining Law's executive regulations. According to Iran's IRIB news agency and the Donya e Eqtesad newspaper, which reported the circular on Tuesday, 10 Shahrivar 1405 (September 1, 2026), exploration, extraction and processing machinery that was previously exempt from import duties with Ministry of Industry, Mine and Trade approval will now be subject to those duties. The Trade Development Organization cited Article 3 of the Knowledge Based Production Leap Law as grounds for effectively repealing Article 109. The change could raise the cost of imported equipment for mining and mineral processing companies, including listed firms in the sector, as they pursue development projects.
دنیای اقتصاد (Donya-e-Eqtesad) · Sep 1, 2026
Russia-Ukraine War and Drought Push Global Wheat Prices Near Three-Year High
Global wheat prices have climbed toward a three-year high in recent weeks as Russia and Ukraine step up attacks on each other's Black Sea grain terminals and drought curbs output in several producing regions. According to Al Jazeera, Chicago wheat futures, the global benchmark, hit a three-year high on Friday, 5 Shahrivar (August 28), before easing 0.54 percent to $7.79 a bushel by 02:00 GMT on Monday, 9 Shahrivar (August 31). Ukraine's Ministry of Infrastructure reported 35 Russian attacks on vessels in port, 22 at sea and 67 on port facilities in July alone, compared with just 14 total vessel strikes for all of 2025. Ukraine's agriculture minister said on Friday that recent Russian air attacks had destroyed about 90 percent of retailers' food logistics infrastructure in the country. Joe Glauber, a research fellow emeritus at the International Food Policy Research Institute, told Al Jazeera the core problem is not a shortage of wheat but the cost and difficulty of moving it to buyers. Egypt, the world's largest wheat importer, sourced more than 82 percent of its wheat from Russia and Ukraine in the first half of 2026, while Indonesia, Asia's second largest importer, has had to seek alternative supplies from Bulgaria, Australia, Romania and Argentina. The rise in global wheat and grain prices is among the factors shaping food import costs and domestic inflation in countries, including Iran, that source part of their wheat needs from global markets.
الجزیره (Al Jazeera) · Aug 31, 2026
Oil Tops $90 a Barrel as US and Iran Trade Fresh Strikes
Global oil prices jumped early Monday, 9 Shahrivar 1405 (August 31, 2026), in Asian trading, after US forces struck two Islamic Revolutionary Guard Corps rocket launchers on Larak Island near the Strait of Hormuz, and Iran responded by firing missiles at a US base in Jordan. According to Gulf News, citing Reuters data, Brent crude rose to $90.32 a barrel at 7:02am Tokyo time, breaking above the psychological $90 level, while US West Texas Intermediate rose to $85.41. Shortly after, at 9:20am Tokyo time, the OilPrice market dashboard showed Brent at $89.45, up 1.53 percent, and WTI at $84.57, up 1.40 percent; the UAE's flagship Murban crude posted the sharpest move, jumping more than 4 percent to $95.75, a reaction Gulf News said reflects the market's heightened sensitivity to Gulf supply and shipping risk. According to data provider Trading Economics, Brent settled at $90.45 by the end of that day's trading, up 2.67 percent, a gain that brings its rise for August as a whole to about 3 percent and for the past month to nearly 8 percent. Global oil prices matter for Iran's market in two ways: they affect government export revenue and the budget, while rising geopolitical risk tends to lift safe haven demand for gold and hard currency in the domestic market.
گلفنیوز، به نقل از رویترز (Gulf News, citing Reuters) · Aug 31, 2026