European gas prices rise 6% to $58 amid Iran war fears

European natural gas prices surged on Thursday, with the benchmark Dutch TTF contract increasing by more than 6% to exceed €50 ($58), as markets reassessed supply risks following new comments from U.S. President Donald Trump about the Iran war.

The TTF price rose to trade near €50.4 ($58.1) per megawatt-hour as of 0655GMT on Thursday, News.Az reports, citing foreign media.

The jump came after natural gas prices had eased in recent sessions amid hopes for a ceasefire, which initially increased after some reports of diplomacy between Iran and the US.

However, Trump’s remarks late Wednesday that signaled US attacks on Iran would continue reversed hopes for signs of a near-term ceasefire or diplomatic breakthrough.

“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,” Trump said.

The front-month TTF contract, regarded as Europe’s benchmark for natural gas trading, saw a historic high of $78 last month.

Traders continued to monitor developments in the Middle East, particularly risks to critical oil and gas transit routes, while also assessing the potential impact on liquefied natural gas flows to Europe.

European gas markets have remained highly sensitive to geopolitical shocks since the energy crisis triggered by the Russia-Ukraine war, with supply concerns often feeding into sharp price swings across the region.

News.Az 

By Ulviyya Salmanli