2026.09.2202:54:00UTC+00European Gas Prices Rise After Sharp Drop

European natural gas prices climbed toward €74 per megawatt-hour on Tuesday, after having fallen nearly 8% to a two-week low in the previous session amid renewed diplomatic efforts to end the Middle East conflict and improving vessel traffic. Markets are now focused on possible talks this week between US President Trump and Iranian President Pezeshkian, as any progress toward resolving the conflict could ease concerns over sustained disruptions to energy flows through the Strait of Hormuz. At the same time, reports that growing numbers of LNG tankers and crude carriers are successfully using alternative routes out of the Gulf have further alleviated supply worries. In addition, lower-than-expected demand in Germany’s latest gas-storage tenders has exerted extra downward pressure on prices, although Germany’s historically low storage levels continue to underscore structural supply risks ahead of the winter heating season.