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-

2026-10-30

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.