European natural gas prices bounced back on Wednesday 11 November, recovering from a one-month low as uncertainty over the war in Iran returned to energy markets. The front-month Dutch Title Transfer Facility (TTF) contract, the benchmark for gas trading across Europe, rose by 2.7% by 9:30am in Amsterdam to top €87 per megawatt-hour, according to [OilPrice](https://oilprice.com/Latest-Energy-News/World-News/European-Gas-Prices-Rebound-on-Iran-War-Uncertainty.html). That followed a slide to €82 per megawatt-hour earlier in the week, the lowest level in a month. The rebound came after oil and gas markets sold off sharply when US President Donald Trump signalled he was not planning another attack on Iran "at this point". Fresh attacks on shipping in the Strait of Hormuz have since revived fears that supplies could be disrupted, pushing traders back into the market. ## Storage well below the seasonal average Europe heads into winter with thinner cover than usual. EU gas storage sites were 72% full as of 10 November, according to Gas Infrastructure Europe, well below the five-year average for this time of year. A [Dow Jones roundup](https://kessler-prod.reta52d8.eas.morningstar.com/news/dow-jones/202611115244/opecs-oil-production-nears-prewar-levels-on-saudi-rebound-commodities-roundup) also noted that storage withdrawals accelerated last week, and put the benchmark up 2.2% at €86.62 per megawatt-hour. LNG flows through the Strait of Hormuz remain far below pre-war levels, and QatarEnergy has extended its force majeure on deliveries until at least the end of December 2026. ## What traders are watching next The market now faces a nervous wait. Any further disruption to shipping through Hormuz, or a cold snap across northern Europe, could push prices higher again, while progress in US-Iran talks would likely take the pressure off. For households and businesses, the rebound is a reminder that energy costs remain hostage to events in the Middle East.