The wholesale price of natural gas rose sharply after Israel and the USA attacked Iran.Image: keystone
Mar 2, 2026, 10:48 amMar 2, 2026, 10:48 am
The wholesale price of natural gas rose sharply after Israel and the USA attacked Iran.
At the start of trading on Monday, the quotation for the trend-setting futures contract TTF for delivery in one month on the Amsterdam stock exchange jumped to 39.85 euros (36.19 francs) per megawatt hour (MWh). That is around 25 percent more than on Friday and the strongest price jump since August 2023.
This means that European natural gas is as expensive as it was last in January, when low temperatures in large parts of Europe and comparatively low gas storage levels drove the price up to over 40 euros at times. In February the prices fell noticeably again to around 30 euros per Mwh. Because of long-term contracts, it usually takes a while for energy suppliers to pass on wholesale price changes to private customers.
Global energy trade affected by war
At the weekend, Israel and the USA attacked Iran, killing, among others, the country’s head of state and religious leader Ayatollah Ali Khamenei. Iran responded with counterattacks and also restricted shipping traffic through the Strait of Hormuz, a key choke point for global energy trade.
Market observers see the risk of further price increases and believe that dimensions similar to Russia’s invasion of Ukraine in 2022 are possible if the conflict lasts longer and escalates further. A large part of the natural gas is delivered to Asia from the Persian Gulf region. However, an interruption in deliveries of liquid gas through the Strait of Hormuz is likely to intensify competition for alternative sources of supply and drive up prices worldwide, including in Europe.
Strait of Hormuz in focus
In Europe, gas stocks are comparatively low after the winter. The region will need to import large quantities of liquefied gas this summer to replenish it before next winter. Analysts at US investment bank Goldman Sachs do not rule out a further increase in gas prices. If shipping traffic through the Strait of Hormuz were to be suspended for a month, European gas prices could more than double, according to Goldman Sachs. (sda/dpa)