DistantNews
Support us
🇦🇹 Austria /Energy & Infrastructure

European gas prices hit their highest level since the start of the Iran war

From Die Presse · () German

Translated from German and summarized by DistantNews. Read the original for the full story.

At a glance

News From a news agency Ongoing story
  • European natural gas prices rose for a third straight day, with the Dutch TTF contract reaching 74.43 euros per megawatt-hour, its highest level since the Iran war began.
  • U.S. and Iranian attacks have weakened hopes that energy shipments through the Strait of Hormuz will resume, while concerns about prolonged LNG disruptions continue to drive prices.
  • European gas storage levels are also relatively low, adding support to prices that have risen more than 40% in about three weeks.

European gas prices continued their climb on Wednesday, reaching their highest level since the start of the Iran war as attacks by the United States and Iran dimmed hopes of renewed energy shipments through the Strait of Hormuz.

The benchmark Dutch TTF contract for delivery in one month rose more than 3% to 74.43 euros per megawatt-hour. That put gas above the level recorded at the beginning of the war, when prices briefly exceeded 70 euros per megawatt-hour in March. The market last moved higher than this in 2022, when a Russian supply halt following the war in Ukraine pushed prices above 300 euros.

I don't care at all whether Iran's leadership signs an agreement that is worthless to it.

— Donald TrumpThe U.S. president dismissed the prospects of a deal to end the war.

The United States carried out airstrikes on Iran for a second consecutive day, targeting air-defense positions, radar systems belonging to Iran’s Revolutionary Guards and equipment used to lay sea mines, according to the U.S. military. Iran responded with missile and drone attacks on Jordan, Kuwait and Bahrain.

I like our current position much better: We have almost complete control of the Strait of Hormuz, and their economy is completely collapsing.

— Donald TrumpTrump described his assessment of the military and economic situation.

U.S. President Donald Trump played down the prospects of an agreement to end the war, which has lasted more than six months. He said he did not care whether Iran’s leadership signed an agreement that would be worthless to it, adding: "I like our current position much better: We have almost complete control of the Strait of Hormuz, and their economy is completely collapsing." He then asked: "When will the Iranian people finally rise up and fight?"

The main price concern is that LNG shipments from production areas around the Persian Gulf could remain blocked. Gas prices have generally risen for about three weeks, gaining more than 40%. They have also held at elevated levels more firmly than oil prices, while relatively low gas storage levels in Europe are adding further support.

When will the Iranian people finally rise up and fight?

— Donald TrumpTrump called on the Iranian people to oppose their leadership.
About this summary

Originally published by Die Presse in German. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

More Stories

From Our Blog