European Gas Prices Rise as Iran War Doubts Return

The contract had fallen to $91.30 (82 euros) per MWh earlier in the week, its lowest level in a month, after U.S. President Donald Trump signaled he was not planning another attack on Iran “at this point.” Trump also said the United States remained “locked and loaded” if a new military campaign became necessary.

Oil prices climbed on Wednesday as confidence in a peace deal weakened amid continued tanker attacks in the Strait of Hormuz, and European gas prices followed. The latest price remained below the four-year high of more than 101.82 euros ($114) per MWh reached at the end of October, but was still far above the level recorded at the same time last year.

Europe faces supply risks heading into winter. Liquefied natural gas flows through the Strait of Hormuz remain well below pre-war levels, and QatarEnergy has extended its force majeure on deliveries until at least the end of December 2026.

EU gas storage was 72% full on November 10, according to Gas Infrastructure Europe, below the five-year average for this point in the year. With the heating season beginning and temperatures falling, withdrawals have started in most EU countries. The International Energy Agency said last week that global gas markets could remain tight well into next year, as Europe enters the heating season with its lowest storage levels in more than a decade.