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US-Iran Tensions Ignite Gas Price Surge in Europe

2/3/2026

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Summary

Story summary

Geopolitical tensions between the United States and Iran threaten the Strait of Hormuz.
The European gas market faces price uncertainty on LNG transit routes, with US natural gas inventories about 5% above the five-year average.
EU gas storage remains low at 43.5% in January.
January's cold weather increased gas demand and caused withdrawals of 242 billion cubic feet.
Dutch TTF futures rose amid intensified LNG competition and winter storms.

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Story summary

Geopolitical tensions between the United States and Iran threaten the Strait of Hormuz.
The European gas market faces price uncertainty on LNG transit routes, with US natural gas inventories about 5% above the five-year average.
EU gas storage remains low at 43.5% in January.
January's cold weather increased gas demand and caused withdrawals of 242 billion cubic feet.
Dutch TTF futures rose amid intensified LNG competition and winter storms.