European gas prices climbed above 50 euros per megawatt-hour as the prolonged conflict in Iran disrupted supply routes with no immediate resolution in sight. Traders reacted to growing concerns about Middle East stability, pushing benchmark prices higher amid fears of extended supply constraints that could impact winter reserves across the continent.

ING analysts warned the market is underestimating the Persian Gulf's impact on global gas supplies. Asian buyers entering the spot market to replace disrupted cargoes will intensify competition with European buyers, potentially driving prices even higher as both regions scramble for alternative sources amid ongoing geopolitical tensions.

European Union storage facilities stand at just 36% capacity, well below the five-year average of 50%. The benchmark Dutch TTF front-month contract gained 2.4%, reaching 51.36 euros per megawatt-hour, reflecting market anxiety over supply security as the Iran conflict shows no signs of abating.