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

OilPrice.com · Tsvetana Paraskova · 2026-11-05 13:30 UTC

European gas prices fell to a two-week low after the U.S. midterms lifted hopes of Iran diplomacy, but Qatar's LNG outage still clouds winter supply.

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The benchmark European natural gas prices fell by 2% in the early morning in Amsterdam on Thursday, extending Wednesday’s decline, after the resounding Democratic victory in the U.S. midterm elections raised hopes of a resolution to the Iran war and a return of LNG flows through the Strait of Hormuz.

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