European natural gas prices reach 43-month high amid US-Iran tensions

On September 2, 2026, European natural gas prices reached their highest level since January 2023, driven by escalating hostilities between the United States and Iran. Market reports show significant volatility, with the Dutch TTF benchmark rising by between 2.49% and 6.20% in a single session to reach approximately €74 per megawatt hour. In the United Kingdom, prices similarly surged to 187.7 pence per therm.

The price spike reflects growing market anxiety regarding potential disruptions to liquefied natural gas (LNG) shipments from the Persian Gulf. Financial data indicates that gas prices have climbed 12% over the past week and 29% over the past month. Compounding these concerns is the status of European gas reserves, which currently stand at 65% capacity—well below the European Union's target of 80% as the continent prepares for the upcoming winter season.

Energy analysts highlight that this upward pressure is directly linked to fears of a wider conflict affecting critical supply routes. While markets remain sensitive to daily updates regarding the geopolitical situation, the current supply deficit in storage facilities remains a key focus for energy security concerns across the region.