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European natural gas prices surged as much as 35% on Thursday after Iranian and Israeli strikes hit major Middle East gas infrastructure. The damage is expected to take years to repair.
Lost Gulf LNG capacity tightens global gas supply and lifts prices for LNG importers in Europe and Asia, which can also draw demand toward other fuels.
reuters.comMaha Dahan, Andrew Mills, Yousef SabaMar 19, 2026After 136 past bullish geopolitics events, Natural Gas moved a median +2.7% over 5 sessions (63% higher; middle half -1.8% to +8.8%), and +4.0% over 20.
After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
