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European natural gas futures climbed above €48 per megawatt-hour as tensions in the Middle East escalated and diplomatic efforts stalled. According to the US military, Iran launched several ballistic missiles at neighboring countries, though none reached their intended targets. American and allied forces intercepted missiles headed toward Kuwait and Bahrain, and the US responded by striking an Iranian military ground control facility on Qeshm Island. Meanwhile, Israel continued its attacks in Lebanon. These developments threaten to derail already fragile, long-running negotiations between the parties. The lack of diplomatic progress has heightened concerns that potential disruptions to energy supplies from the Persian Gulf could persist, raising doubts about Europe’s ability to rebuild gas inventories before winter, with storage levels currently at only about 38% of capacity.
