Global gas markets continue to price tight supply and elevated prices through next summer as the U.S.-Iran conflict threatens Gulf LNG exports, delays Qatari and Persian Gulf cargoes through the Strait of Hormuz, and complicates Europe’s inventory rebuilding. European and British gas futures each rebounded 1.6% on Thursday, with front-month Dutch TTF at 74.50 euros per megawatt-hour and British NBP at 185.85 pence per therm. EU underground storage was 70% full, about 12 percentage points below the comparable 2025 level. Menelaos Ydreos, secretary general of the International Gas Union, said Europe is beginning to outbid Asia for cargoes before winter. The IGU represents more than 90% of the global gas market. Fading hopes for rapid U.S.-Iran diplomacy restored risk premia after U.S. President Donald Trump threatened Iran, while Iran’s leadership rejected the statements. Europe’s planned January ban on Russian LNG imports adds further uncertainty, and the European Central Bank has warned that wholesale energy volatility could affect consumer inflation and central bank policy. Ydreos said short-term demand destruction may reverse after the conflict or produce longer-term policy effects, and urged the European Commission to retain emissions targets while making compliance requirements achievable and practical.