Gas Hits €60/MWh Amid US-Iran Tensions

European natural gas surges over €60/MWh as US-Iran conflict escalates, threatening winter supply stocks and Strait of Hormuz shipments. Natural gas prices in Europe have surged above €60 per megawatt-hour (MWh), jumping more than 5% on Monday, 20 July 2026, as mounting concerns over supply disruptions intensify. The sharp rise comes amid escalating military confrontations between the United States and Iran over the weekend — the ninth consecutive night of U.S. strikes, according to a Sunday announcement by U.S. Central Command. Allies Kuwait and Bahrain reported Iranian attacks in response.