2026.07.1306:51:15UTC+00UK Gas Prices Jump

UK natural gas prices climbed nearly 3% to around 120.5 pence per therm on Monday, rebounding from the previous session’s decline as a fresh escalation between the US and Iran intensified worries over LNG flows through the Strait of Hormuz. US Central Command reported that American forces had carried out another wave of strikes on dozens of targets across Iran, aimed at curbing Tehran’s capacity to threaten maritime traffic in the strategic waterway. In response, Iran launched attacks on countries in the region hosting US military facilities, including Kuwait, Bahrain, and Jordan.

At the same time, President Donald Trump insisted that the strait remains open, despite Iran’s earlier statement that it had closed the passage “until further notice.” Market participants remain highly vigilant, as any prolonged confrontation or direct damage to LNG export infrastructure in the Gulf could significantly complicate Europe’s efforts to refill gas storage ahead of the heating season.