FX.co ★ UK Gas Prices Advance

UK natural gas prices climbed back above 143 pence per therm on Wednesday after a two-day decline, as renewed conflict in the Middle East intensified concerns over prolonged supply disruption. The US military reported on Tuesday that it had intercepted multiple missiles launched by Iran, breaking a days-long lull in hostilities between the two sides. Both countries had largely refrained from direct action over the weekend, following nearly two weeks of nightly US strikes on Iran and repeated attacks by Tehran on Washington’s allies across the Gulf. The latest escalation further darkens Europe’s gas supply outlook as the region rushes to rebuild storage ahead of winter. Supply risks have been compounded by reports that QatarEnergy, one of the world’s largest LNG exporters, has extended force majeure for European buyers until at least the end of September.