FX.co ★ European Gas Prices Climb for 4th Day

European natural gas extended its rally for a fourth straight session on Thursday, approaching €55 per MWh—the highest level since March 30—as renewed US strikes on Iran intensified concerns over LNG supplies from the region. After reimposing its naval blockade, the US carried out another wave of attacks on Iran’s coastal defenses and missile sites, and reported firing on an empty oil tanker bound for an Iranian port. Tehran responded by warning it could disrupt additional regional energy exports, framing the conflict as an “existential war” with the US. The latest escalation comes at a particularly sensitive moment for Europe, which is currently replenishing gas storage ahead of the winter season. Any fresh disruption to Persian Gulf supplies would push European buyers into sharper and more expensive competition with Asian importers for available LNG cargoes.