EU Gas Prices Surge After Trump’s Remarks on Iran War
By 0655 GMT, the TTF front-month contract — widely recognized as Europe's primary natural gas benchmark — was changing hands near €50.4 ($58.1) per megawatt-hour.
The surge marked a dramatic reversal from the relative calm of recent trading sessions, during which prices had retreated on cautious optimism surrounding potential diplomatic contacts between Washington and Tehran. That sentiment evaporated swiftly after Trump delivered unambiguous remarks late Wednesday signaling no letup in US military operations.
"We're going to hit them extremely hard. Over the next two to three weeks. We're going to bring them back to the Stone Age, where they belong," Trump said.
The statement effectively dismantled market expectations of a near-term ceasefire or negotiated breakthrough, reigniting fears over the security of critical oil and gas transit corridors across the region.
The same TTF contract had touched a historic peak of $78 last month, underscoring the acute volatility gripping European energy markets.
Traders remain on high alert over potential disruptions to liquefied natural gas shipments flowing into Europe, with particular attention on key maritime chokepoints in the Middle East. European gas markets have proven especially vulnerable to geopolitical turbulence since the energy crisis that erupted in the wake of Russia's war on Ukraine, where supply scares have repeatedly translated into outsized price swings across the continent.
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