European Gas Prices Rise After Trump Rejects Iran Truce

European gas prices rose more than 2% on September 28, 2026, after Donald Trump rejected a truce proposal from Iran. The benchmark Dutch TTF contract increased by 2.4% to 73.63 euros a megawatt-hour as markets reacted to the possibility of prolonged disruptions to liquefied natural gas flows ahead of the winter season.

Supply tightness is being driven by several concurrent factors. Maintenance work has reduced pipeline flows from Norway, while LNG traffic through the Strait of Hormuz remains subdued. Simultaneously, a rebound in Chinese LNG imports has intensified competition for available cargo between Asian and European markets.

European Union gas storage levels currently stand at 70% capacity. The price spike reflects broader market anxiety regarding energy security and the geopolitical instability resulting from the failed truce negotiations.