2026.07.2000:36:46UTC+00EU Gas Prices Hit 4-Month High

European natural gas prices jumped 5% on Monday to above €60 per MWh, the highest level in four months, amid growing concerns over further supply disruptions as clashes between the US and Iran intensified over the weekend. The US Central Command reported on Sunday that it had launched a new wave of strikes against Iran for the ninth night in a row, while US allies Kuwait and Bahrain also reported coming under Iranian attack. The conflict has broadened beyond strictly military targets to include bridges, critical utility infrastructure, and port facilities, heightening the risk of a slide back into full-scale war. Shipping through the Strait of Hormuz has largely ground to a halt, with the US imposing a naval blockade on Iranian ports and Iran targeting vessels it claims are violating its regulations. These mounting supply risks, combined with stronger demand for gas-fired power generation, are constraining Europe’s ability to replenish gas inventories ahead of the winter heating season.