Energy prices continued to rise on Tuesday as attacks by the United States and Israel on Iran intensified, along with the country’s response.

The natural gas market drifted a little lower on Wednesday in early trading. As we are heading into spring, the demand for natural gas will continue to be weak. However, the EU may have to import form the USA.

Disruption to LNG supplies could dent European growth and harm reindustrialization ambitions.

Natural gas just printed $30.72 per MMBtu on January 23, 2026, then collapsed to $3.13 by February 23. That is a nearly 90% round-trip in five weeks. United States Natural Gas Fund (NYSEARCA:UNG) captures every one of those moves,

The natural gas market continues to see a lot of noisy trading, as we are entering the quiet season for demand in the USA. With temperatures rising, this keeps a bit of a lid on the market.

The price of crude oil rose to $80 a barrel and the price of natural gas jumped 30% after Iran effectively sealed off the strategic Strait of Hormuz.

Qatar shut down liquefied natural gas production at the world’s largest export facility after it was targeted in an Iranian drone attack, sending European gas prices surging more than 50% and rattling global energy markets.

Natural gas futures hold gains as supply disruption fears and Middle East tensions offset warmer weather outlook, with traders awaiting the EIA inventory report.