European natural gas climbed back above €100/MWh as markets fear the US may
resume military action against Iran, risking extended Middle East supply
disruption. Benchmark gas futures, after a brief dip in the prior session, are
up about 40% month-to-date — the largest monthly gain since March when the Iran
conflict began. Traders cite cooling temperatures and higher heating demand,
withdrawals from winter fuel stocks now at seasonal lows, and elevated
geopolitical risk amid concern the US could restart strikes after next week's
midterm elections.