European natural gas prices rise 3.3% as US-Iran tensions escalate

September 7, 2026 at 01:15 PM2 min

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European natural gas prices rose 3.3% on Monday, with October contracts at the Dutch TTF hub reaching 74.35 euros per megawatt-hour. The increase followed escalating US-Iran tensions and concerns over potential disruptions to energy supplies from the Persian Gulf.

Key Facts

October natural gas contracts at the Dutch TTF hub closed at 71.95 euros per megawatt-hour on Friday.
The price rose 3.3% to 74.35 euros per megawatt-hour by 10:42 on Monday.
EU natural gas storage facilities were 66.6% full, below the seasonal average.
Iran's Supreme National Security Council Secretary Mohsen Rezaei announced a new corridor agreement covering the Sea of Oman and the Strait of Hormuz would be signed in the coming days.
The US military destroyed three Revolutionary Guard tankers on Saturday after Iran targeted two US warships.

Price Movement

October natural gas contracts at the Dutch TTF hub closed at 71.95 euros per megawatt-hour on Friday. By 10:42 on Monday, the price had risen 3.3% to 74.35 euros per megawatt-hour. The increase was driven by concerns that escalating US-Iran tensions could further disrupt energy supplies from the Persian Gulf.

Geopolitical Tensions

Iran's Supreme National Security Council Secretary Mohsen Rezaei announced that an agreement to create a new corridor in the Sea of Oman and the Strait of Hormuz would be signed in the coming days. Rezaei said the area would extend from the zone where the US has imposed a naval blockade to cover the Strait of Hormuz and the Persian Gulf. He warned that any ship entering the new area without permission would be blacklisted by Iran. The announcement followed US attacks on Iranian oil tankers. The US military announced on Saturday that it had destroyed three Revolutionary Guard tankers after Iran targeted two US warships in the region.

Storage Levels

According to Gas Infrastructure Europe data, EU natural gas storage facilities were 66.6% full. The fill rate is below the seasonal average as Europe approaches the end of the summer injection period. The EU had mandated that storage be filled to 90% by November 1 following the energy crisis after the Russia-Ukraine war. Last year, the bloc amended storage rules to allow member states flexibility, permitting the 90% target to be met between October 1 and December 1 and, under certain conditions, allowing storage to be filled to only 80%.