European gas: Iran tensions keep TTF near EUR 100 - Commerzbank

FXStreetNov 3, 2026 5:00 PM

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Commerzbank notes that European gas (TTF) prices fell by up to 10% yesterday, from EUR 104 to EUR 93.5 per MWh, as hopes for a diplomatic resolution to the Iran conflict reduced the geopolitical risk premium. However, renewed US strikes on Iran have since pushed prices back toward EUR 100. The bank warns that previous peace efforts have failed and that further military escalation could drive gas prices above the EUR 100 mark.

TTF reprices Iran conflict risk

"The European gas price fell by as much as 10% over the course of yesterday, from EUR 104 to EUR 93.5 per MWh."

"Renewed peace talks and hopes for a diplomatic solution have prompted the TTF gas market to partially price out these risks."

"However, caution is still warranted. There have been repeated reports of potential peace talks in the past, which ultimately failed to deliver results."

"Should Trump decide to launch another attack on Iran, gas prices would likely rise sharply again and could easily move back above the EUR 100 mark."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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