27.07.202600:51:43UTC+00EU Gas Prices Slide as US and Iran Pause Strikes

European natural gas prices fell more than 7% to below €59 per MWh on Monday, retreating from a four-month high as tensions in the Middle East eased following a pause in military exchanges between the US and Iran. Washington has not launched any new strikes on Iran since late Friday, after 13 consecutive nights of attacks, while Tehran announced on Sunday that it had also suspended its retaliatory actions. The lull coincided with talks between Iranian and Omani officials on shipping through the Strait of Hormuz, bolstering hopes that disruptions along this critical energy corridor can be avoided.

Despite the price decline, concerns over Europe’s gas supply security remain elevated. Storage levels are relatively low and electricity demand is robust, driven by hot weather across much of the region. European gas storage facilities are currently 54.2% full, significantly below the 65% recorded a year earlier, leaving the bloc more exposed to potential winter supply shortfalls and renewed price spikes.