- Dutch TTF futures rose as much as 6.5% and are more than 70% above early-July levels after the conflict escalation renewed supply-disruption fears.
- Saudi Arabia plans to replace more than 1 million barrels per day of liquid-fuel consumption in power, desalination, industrial and agricultural operations by 2030, primarily with natural gas and renewables.
- The US-Saudi 30-year civil nuclear cooperation agreement clears a path for US reactor suppliers to participate in Saudi Arabia’s longer-term power transition.
Quotes
“European natural gas prices surged to their highest since January 2023 after an escalation of hostilities in the US-Iran war amplified worries about a prolonged disruption to Middle East energy.”
“Prices are now more than 70% higher than at the start of July, when a temporary ceasefire lifted hopes of a potential resolution to the war.”