FX.co ★ TTF Prices Rebound on News of Iran Energy Site Attacks

European natural gas futures climbed 2% to €52.5 per MWh, reversing earlier losses after reports that Iranian energy facilities had been hit in airstrikes. According to Iranian state television, US and Israeli forces struck the South Pars gas field—shared with Qatar—along with nearby petrochemical plants in Asaluyeh, in what would be the first known attack on Iran’s upstream energy infrastructure in the current conflict. South Pars reached a record daily output of 730 million cubic meters in 2025.

In parallel, Iraq reached an agreement with the Kurdistan region to resume oil exports via a pipeline to Turkey’s Ceyhan port, providing an export route that bypasses the Strait of Hormuz. At the same time, the US has stepped up efforts to restore traffic through the key chokepoint by targeting Iranian missile sites. Roughly 20% of global LNG shipments normally transit the Strait of Hormuz, which has been largely closed since attacks last month.

The disruption comes just ahead of the region’s stockpiling season. Gas storage levels are already about 15 percentage points below the five‑year average following a colder‑than‑usual winter, heightening concerns over supply security.