FX.co ★ UK Natgas Prices Jump

UK natural gas futures surged more than 20% to above 170 pence per therm, the highest level since January 2023, after Iran launched strikes on key LNG infrastructure in the Middle East. Missile attacks ignited parts of Qatar’s Ras Laffan liquefied natural gas complex, one of the world’s largest LNG hubs, where production had already been suspended following earlier incidents this month. In the UAE, authorities halted operations at the Habshan gas facility and the Bab oil and gas field after Iranian missiles were intercepted over the sites.

The disruption comes at a critical time for Europe, which is just entering its gas stockpiling season. Storage levels are currently about 15 percentage points below the five-year average after a colder-than-usual winter. The UK is especially exposed, given its limited domestic storage capacity and heavy dependence on imported gas, leaving it acutely vulnerable to supply shocks.