European gas prices hit four-month high amid fears US-Iran war will cause supply shortages
Oil price briefly breached $90 a barrel mark on Sunday before easing after Iran said talks continue Business live – latest updates European gas prices have hit a four-month high as the escalation of the conflict in the Middle East raises fears of supply...
European gas prices climbed to a four-month high on Monday as traders reacted to fears that the widening conflict between the US and Iran could tighten global energy supplies and push up costs heading into winter.
The Dutch natural gas benchmark, a key reference point for European gas trading, briefly moved above €60 per megawatt hour. That level put it close to the peaks seen when the US-Iran conflict first intensified. The move came after the US expanded its aerial offensive and Iran responded with strikes on Bahrain and Kuwait, adding to market anxiety across the energy sector.
Oil markets also showed signs of strain. Brent crude briefly rose above $90 a barrel on Sunday before easing later, after Iran indicated that talks were continuing. Even so, the brief surge underscored how quickly tensions in the Middle East are feeding through to energy prices, with traders weighing the risk of disruption to supply routes and regional production.
For Europe, the concern is not only immediate price volatility but also the possibility of tighter gas availability later in the year if the conflict continues to escalate. Higher benchmark prices can filter through to power costs, industrial energy bills and household heating expenses, especially if markets remain nervous through the summer and into the build-up to winter demand.
The latest jump in gas prices reflects how closely European energy markets remain tied to geopolitical shocks. Since the loss of Russian pipeline gas, the region has relied more heavily on global liquefied natural gas and flexible imports, leaving it more exposed when international supply risks rise. Any perceived threat to shipping lanes, export infrastructure or regional output can trigger rapid price swings.
The report is based on a monitored public feed from The Guardian Business and reflects developments highlighted there on Monday. Source attribution is included below.
Source: The Guardian Business - https://www.theguardian.com/business/2026/jul/20/european-gas-prices-high-us-iran-war-supply-shortages-oil-price
