European natural gas tops €62/MWh, nearing its wartime peak

European natural gas prices kept climbing as the Iran-US war continued. According to GMK Center, the benchmark TTF index rose above 62 euros per megawatt-hour (August contract) in intraday trading on Wednesday, 22 July 2026, a level near the price peak at the start of the conflict. On 20 July the price had briefly touched 60 euros.

The main drivers are geopolitical concerns and fierce competition for spot liquefied natural gas (LNG) cargoes, alongside rising freight and insurance costs in the region. Even so, analysts say there is no immediate concern for supply security next winter, and storage-filling targets remain within reach.

For Iran, holder of one of the world's largest gas reserves, the moves are a reminder of energy's strategic role in regional dynamics, though the country's gas exports remain constrained under sanctions.