Gas prices fall as Israel and US rule out further infrastructure attacks
Gas prices in Europe fell slightly on Friday following statements by the US and Israel that no more energy infrastructure in Iran would be attacked.
Damage to infrastructure from attacks by both Israel and Iran caused another price surge for both oil and natural gas on Thursday.
Israel now says it will no longer target energy infrastructure. With that statement, oil prices fell. Gas prices in Europe are also falling. A megawatt-hour of natural gas on the leading Dutch futures market costs around 60 euros, or more than 2 per cent lower than Thursday.
The price of gas in Europe has nevertheless doubled since the start of the war in the Middle East. Europe is very dependent on liquefied natural gas and its supply is disrupted by the blockade of the Strait of Hormuz. Heavy damage to the Qatari gas hub Ras Laffan, the world's largest LNG plant, is also causing turmoil in the gas market.
At Thursday’s EU summit in Brussels, European leaders promised to take “temporary” and “targeted” measures to tackle the rise in energy prices.
Gas bottles and storage tanks near Madrid, 5 March 2026 © PHOTO OSCAR DEL POZO / AFP
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