UK natural gas prices rose above 143 pence per therm on Wednesday after a two-day decline, as renewed hostilities in the Middle East increased concerns about prolonged supply disruptions.

The US military said on Tuesday it had intercepted multiple missiles launched by Iran, ending a days-long lull in fighting between the two sides. Both nations had largely held fire over the weekend after nearly two weeks of nightly US strikes on Iran and repeated attacks by Tehran targeting Washington’s allies across the Gulf.

The latest escalation worsens Europe’s gas supply outlook as the region works to refill storage ahead of winter, when heating demand typically becomes a more important test of inventories and import flows.

Supply concerns were further heightened by reports that QatarEnergy, one of the world’s largest LNG exporters, has extended its force majeure for European buyers until at least the end of September. For European gas markets, any disruption involving LNG cargoes matters because imported supplies remain a key part of balancing regional demand, especially when domestic production is limited.

Source: Trading Economics