European natural gas prices fell for a second straight session on Friday, easing to around €71.5 per MWh, as investors weighed escalating tensions in the Middle East. The latest surge in volatility followed a U.S. strike on Iran that prompted retaliatory attacks on American bases across the region, briefly pushing European gas prices to their highest level in more than three years.
Although President Trump suggested that further strikes on Tehran would not be prolonged, geopolitical risks remain elevated, particularly around the Strait of Hormuz. Ongoing disruptions to shipping are constraining LNG flows from the Gulf to Europe, slowing the pace at which gas inventories can be rebuilt.
As a result, Europe heads into the coming winter with unusually low gas stocks, heightening the risk of tighter competition for supplies and leaving the region more exposed to sharp price spikes during colder periods. Even after the latest pullback, European gas prices are still up more than 6% this week, marking a fourth consecutive weekly gain.
