Gas prices on the European market fluctuate sharply amid war in the Middle East

The wholesale price of gas for the European market is fluctuating sharply due to the ongoing war between Israel, the US and Iran. After Wednesday’s drop, it rose by as much as 13 percent on Thursday morning, but erased those gains later in the morning and was down half a percent at around 10:30 CET at the virtual Title Transfer Facility (TTF) trading hub in the Netherlands, at roughly 48 euros (1170 Kč) per megawatt-hour (MWh).

The European gas market is particularly vulnerable after this year’s long, cold winter depleted already low storage levels. Europe will have to buy more liquefied natural gas (LNG) this summer to replenish them.

Russian President Vladimir Putin contributed to the price rise by threatening to cut off gas supplies to Europe. Russian gas flows to Europe have fallen sharply in recent years and are expected to decline further due to the European Union’s ban on imports. Russia nevertheless remains a significant supplier, accounting for an estimated 13 percent of EU imports in 2025, the Trading Economics website reported.

A possible halt to Russian supplies increases risks for European consumers at a time when supplies are being disrupted by tensions in the Middle East. The world’s largest LNG plant, in Qatar, remains out of operation, and the Strait of Hormuz, a key route for gas and oil shipments, is closed.

On Wednesday, the price of gas for the European market fell by 8.3 percent. It responded to a report that Iran had approached the United States with an offer to negotiate an end to the conflict, although Tehran later denied the report. US President Donald Trump meanwhile said that the US would insure and provide military escorts for vessels passing through the strait, but key details remain unclear.