European Gas Prices Drop on Iran Deal Hopes after U.S. Midterms

S. midterm elections raised hopes of a resolution to the Iran war and a return of LNG flows through the Strait of Hormuz. m. in Amsterdam on Thursday, as energy markets hope the path forward to the Iran war could be pursuit of diplomacy rather than escalation. 82 euros $114 per MWh at the end of last week.

Last week, the European benchmark price topped the 100-euro mark for the first time since 2022, during the previous gas crisis when Russia cut off pipeline gas supply to most of its European customers after Putin invaded Ukraine. Europe remains in a vulnerable gas supply position ahead of winter proper as LNG flows from Qatar are barely a trickle and QatarEnergy has extended the force majeure on deliveries until the end of…