European Gas Markets Spike Amid Renewed Fears Over Iran Conflict

RunWithRugs · 2026-04-02T09:49:21+00:00

European natural gas prices rose over 6% to exceed €50 per megawatt-hour due to renewed supply risks after President Trump's comments on Iran. Market sensitivity to geopolitical tensions continues to drive price volatility.

RunWithRugs

2026-04-02 09:49:21

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(MENAFN) European natural gas prices surged on Thursday, with the Dutch TTF benchmark climbing over 6% to surpass €50 ($58) per megawatt-hour, as markets reassessed supply risks following remarks by US President Donald Trump, according to reports.

The TTF price traded near €50.4 ($58.1) as of 0655GMT, reversing a recent easing in prices that had followed optimism over a potential ceasefire and signs of diplomatic talks between the US and Iran.

Trump’s statements on Wednesday, signaling that US strikes against Iran would continue, renewed fears of escalation. “We’re going to hit them extremely hard. Over the next two to three weeks. We’re going to bring them back to the Stone Age, where they belong,” he said.

The front-month TTF contract, Europe’s leading benchmark for natural gas, reached a historic high of $78 last month. Traders remain closely watching developments in the Middle East, particularly the risks to vital oil and gas transit routes, as well as the potential impact on liquefied natural gas (LNG) flows to Europe.

European gas markets have been highly sensitive to geopolitical tensions since the energy crisis sparked by the Russia-Ukraine war, with supply concerns frequently triggering sharp price fluctuations across the region.

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