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Europe Gas Prices Jump 5% to Highest Level Since 2023
oilprice.com · August 31, 2026 · Week 2026-36
Summary
European benchmark natural gas prices surged over 5% to their highest level since early 2023, driven by a re-escalation of hostilities between the United States and Iran. The conflict is intensifying concerns over LNG supply from the Middle East, particularly from Qatar, where force majeure on deliveries has been extended amid a standstill for LNG traffic through the Strait of Hormuz.
Strategic Implication
The price spike highlights Europe's acute vulnerability to geopolitical instability in the Persian Gulf, reinforcing the critical role of Qatari LNG and the Strait of Hormuz in global energy security.