European natural gas prices surge 35% in July amid Middle East conflict

natural gas Europe price surge Middle East conflict TTF contracts

In July, the average price of natural gas in Europe rose sharply, reaching about $637 per 1,000 m³—approximately 1.5 times the level a year earlier. Futures contracts on the London ICE market closed the month at roughly $709 per 1,000 m³, a 39 % increase from the end of June. The spike is linked to the escalation of the U.S.–Iran confrontation that began on 8 July, when U.S. forces struck Iranian targets in response to an attack on a commercial vessel in the Strait of Hormuz and President Trump announced the end of a truce with Iran. Iranian retaliatory attacks on sites in Bahrain, Jordan, Qatar, Kuwait, the United Arab Emirates and Oman further tightened supply.

European gas benchmark contracts (TTF) jumped about 35 % during July, hitting €59.3 /MWh. The surge has pushed up the cost of replenishing gas inventories ahead of winter, while storage levels sit at roughly 56 % of capacity—well below the five‑year seasonal average of 73 %. Ongoing tensions over the strategic waterways of the Strait of Oruj and the Bab al‑Mandeb strait raise the risk of prolonged LNG transport disruptions, adding to market volatility and pressure on electricity prices across the continent.

Entities: European natural gas market · Greece · Iran · Strait of Hormuz · TTF (Title Transfer Facility) · United States · ΑΔΜΗΕ (Independent Power Transmission Operator) · ΔΕΗ (Public Power Corporation)

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[○ 1 SOURCE] European gas storage levels in July were about 56 % of capacity, below the five‑year seasonal average of 73 %. (0a9e825a-7270-4591-9b73-51fe32d75098)
[○ 1 SOURCE] The U.S.–Iran conflict began on 8 July 2025 with U.S. strikes after an attack on a commercial vessel in the Strait of Hormuz. (ca1bbf35-92ab-4d28-9b03-082c9665f396)
[○ 1 SOURCE] Disruptions in LNG shipments through the Strait of Oruj and the Bab al‑Mandeb raise concerns about prolonged supply constraints. (0a9e825a-7270-4591-9b73-51fe32d75098)
[○ 1 SOURCE] The average European natural‑gas price in July 2025 was about $637 per 1,000 m³, 1.5 times the same month a year earlier. (ca1bbf35-92ab-4d28-9b03-082c9665f396)
[○ 1 SOURCE] The July gas‑price surge contributed to higher electricity costs and heightened winter‑supply concerns across Europe. (ca1bbf35-92ab-4d28-9b03-082c9665f396)
[● 2 SOURCES] TTF natural‑gas contracts in Amsterdam rose about 35 % in July, reaching €59.3 /MWh. (0a9e825a-7270-4591-9b73-51fe32d75098)
[○ 1 SOURCE] July 31 futures contracts on the London ICE market closed at about $709 per 1,000 m³, a 39 % increase from June 30. (ca1bbf35-92ab-4d28-9b03-082c9665f396)