Gas Prices Surge by Almost 25% Due to Attacks - London Business News | Londonlovesbusiness.com

"When trading opened on Thursday, prices spiked to 174p, marking a 24% increase, before easing slightly to 169p as of 8 AM GMT. In recent days, natural gas futures, which are contracts for purchasing the commodity in the coming months, have been trading between 125p and 132p per therm (a unit of heat energy)."

"Britain imports a considerable portion of its natural gas, and after a cold winter, Europe is expected to have lower-than-usual reserves. Government data from 2024 shows that natural gas accounted for approximately one-third (33%) of the UK's overall energy supply. Although this share may be slightly lower now due to the expansion of renewable energy sources-which accounted for 42% of the total-the UK remains heavily reliant on gas."

"The biggest message I take away from everything that's happening in the Gulf is, we need to make sure that we are not so dependent on oil and gas prices. The key part of that is making sure that we transition the UK economy to renewables. In ten years' time, I think people will say this was a really big moment for the UK economy and the UK Labour government got it right."

Natural gas prices in the UK experienced a sharp 24% spike, reaching 174p per therm on Thursday morning following Iranian attacks on a major Qatari gas hub. Prices had been trading between 125p-132p but jumped to 140p on Wednesday before the dramatic Thursday surge. The UK imports substantial natural gas quantities from Norway and Europe, with gas comprising approximately one-third of Britain's energy supply despite renewable energy expansion to 42%. European gas prices similarly increased over 20%. Low gas reserves across Europe following a cold winter compound supply concerns. Political figures emphasize the need to accelerate renewable energy transition to reduce dependence on volatile fossil fuel markets and geopolitical disruptions.

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