CommoditiesMediumUpdated•Originally published 5 November 2026•Updated 5 November 2026•

1 min read

European Gas Prices Fall 2.2% on Hopes for Iran De-escalation

Key Facts

1European natural gas prices slipped further, pressured by a massive 20% weekly crash in oil prices.

2Gas markets largely ignored fresh threats regarding shipping disruptions in the Strait of Hormuz.

European natural gas prices fell by 2.2% at the Amsterdam hub on Thursday, November 5, 2026. The decline was driven by market expectations for a resolution to the Iran conflict following the results of the U.S. midterm elections.

This downward movement follows a period of intense selling pressure linked to a 20% weekly collapse in oil prices. Despite previous warnings from the IEA regarding LNG supply contraction, fresh geopolitical optimism has outweighed concerns over potential shipping disruptions in the Strait of Hormuz.

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Version History

Version 135 minutes ago

What changed: Updated the primary driver from oil prices to U.S. election results and their impact on Iran geopolitics, including the new 2.2% decline figure.