UK natural gas prices slipped below 115 pence per therm on Thursday but retained most of their recent gains, as a sharp escalation in US–Iran tensions intensified fears of fresh disruptions to LNG supplies from the Persian Gulf. Iran said it had launched a large-scale barrage of missile and drone strikes against US bases in Kuwait, Qatar, and Bahrain in retaliation for new US airstrikes. The attacks came shortly after President Trump declared an end to the eight-week ceasefire.
The latest flare-up followed Iranian attacks on vessels in the Strait of Hormuz, which prompted Washington to reimpose sanctions on Iranian oil exports. Any renewed disruption to energy flows through the strait—a key chokepoint for roughly one-fifth of global oil and LNG trade—could hamper Europe’s efforts to refill gas storage sites to sufficient levels ahead of the coming heating season.
