UK natural gas prices rose above 146 pence per therm on Wednesday, hitting a new four-month high as the United States and Iran continued to trade strikes and President Donald Trump played down the prospect of imminent negotiations. Trump claimed that Iran “desperately wants to meet” but insisted that Washington had no interest in talks, a characterization that Tehran rejected.
Trump also threatened retaliation if Iran‑backed Houthi rebels interfered with shipping in the Red Sea and reiterated his willingness to strike a suspected Iranian nuclear site known as Pickaxe Mountain. The mounting tensions have disrupted tanker movements through the Strait of Hormuz and reduced LNG exports from the Gulf, heightening fears of tighter global gas supplies.
The timing is particularly sensitive for Europe, which is currently refilling gas storage sites ahead of the heating season. Any sustained reduction in LNG flows from the Gulf could force European buyers into sharper and more expensive competition with Asian importers for available cargoes.
