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Europe.Table Feature Natural gas

Iran: Gas price hike jeopardizes storage

At the start of the week, Iran’s blockade of the Strait of Hormuz caused a steep increase in gas, oil, and electricity prices for the coming months. The key indicator for the filling of European gas storage facilities has turned negative.

Manuel Berkel
03. March 2026
DUBAI, UNITED ARAB EMIRATES - MARCH 2: Commercial ships anchor off the coast of the United Arab Emirates due to navigation disruptions in the Strait of Hormuz, Dubai on March 2, 2026. Increased maritime traffic led to a buildup of vessels waiting near Dubai, highlighting the strategic importance of the strait, which handles 20 percent of global energy trade
Merchant ships are anchored off the coast of the United Arab Emirates after Iran closed the Strait of Hormuz. (picture alliance / Anadolu / Waleed Zein)

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Last updated: 03. March 2026

Natural gas Crude oil Iran Energy policy Energy prices Security of supply gas storage facility