2026.03.2607:30:15UTC+00TTF Prices Rebound Amid Mideast Uncertainty

European natural gas futures climbed above €54 per MWh on Thursday, snapping a four-day losing streak, as markets reacted to ongoing uncertainty surrounding the Middle East conflict. While the United States maintained that negotiations to end hostilities were still in progress, Iran rejected the US peace proposal and instead presented its own conditions.

The conflict has kept the Strait of Hormuz closed, disrupting regional natural gas shipments, and the largest LNG facility in Qatar remains offline, with around 17% of its capacity damaged. As a result, Europe now faces heightened risks from intensifying competition with Asia for LNG cargoes, particularly as it works to rebuild depleted inventories ahead of the winter heating season.

At present, Europe’s gas storage facilities are only about 28% full, the lowest level for this point in the year since 2022. Major oil companies have warned that, if the conflict persists, Europe could begin to experience energy shortages as early as April.