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Iran crisis sends European gas prices soaring

Financial Times Asia
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⚡ Quantum Brief
The Iran conflict triggered a sharp spike in European gas prices in March 2026, exacerbating energy market volatility amid Middle East tensions. Brussels urged calm but faced pressure as supply disruptions intensified. US President Donald Trump criticized European allies, particularly Spain, for inadequate support in the crisis, threatening trade cuts and labeling UK PM Starmer "no Churchill" in a diplomatic escalation. The conflict grounded flights, severely disrupting global gold and silver trade flows, with precious metals shipments stalled due to regional transport halts and sanctions risks. China’s National People’s Congress will unveil its five-year economic plan on March 6, 2026, focusing on domestic growth as geopolitical instability reshapes global trade dynamics. Iran’s crisis also prompted China to propose ending overtime work to boost birth rates, signaling a policy shift amid economic strain and demographic decline.
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Iran crisis sends European gas prices soaring on x (opens in a new window)Iran crisis sends European gas prices soaring on facebook (opens in a new window)Iran crisis sends European gas prices soaring on linkedin (opens in a new window)Iran crisis sends European gas prices soaring on whatsapp (opens in a new window) Save Iran crisis sends European gas prices soaring on x (opens in a new window)Iran crisis sends European gas prices soaring on facebook (opens in a new window)Iran crisis sends European gas prices soaring on linkedin (opens in a new window)Iran crisis sends European gas prices soaring on whatsapp (opens in a new window) Save PublishedMarch 4 2026Jump to comments sectionPrint this pageUnlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Your browser does not support playing this file but you can still download the MP3 file to play locally.Gas prices have soared on the back of the war in the Middle East, and US president Donald Trump criticised some European nations for not being helpful in the conflict. Plus, the ongoing crisis is disrupting precious-metals trade, and China will unveil its five-year plan during the National People’s Congress meeting on Thursday. Mentioned in this podcast:Trump threatens to cut trade with ‘terrible’ Spain and calls Starmer ‘no Churchill’China’s cadres advocate end to overtime to encourage people to have familiesBrussels urges calm as Iran crisis sends European gas prices soaringGold and silver flows disrupted as Iran conflict grounds flightsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig, edited by Marc Filippino, and produced by Fiona Symon and Saffeya Ahmed. Our show was mixed by Kelly Garry. Additional help from Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.comView our accessibility guide.Reuse this content (opens in new window) CommentsJump to comments section Follow the topics in this audio Middle East war Add to myFT Chinese economy Add to myFT FT News Briefing Add to myFT CommentsComments have not been enabled for this article.Gas prices have soared on the back of the war in the Middle East, and US president Donald Trump criticised some European nations for not being helpful in the conflict. Plus, the ongoing crisis is disrupting precious-metals trade, and China will unveil its five-year plan during the National People’s Congress meeting on Thursday. Mentioned in this podcast:Trump threatens to cut trade with ‘terrible’ Spain and calls Starmer ‘no Churchill’China’s cadres advocate end to overtime to encourage people to have familiesBrussels urges calm as Iran crisis sends European gas prices soaringGold and silver flows disrupted as Iran conflict grounds flightsNote: The FT does not use generative AI to voice its podcasts Today’s FT News Briefing was hosted by Victoria Craig, edited by Marc Filippino, and produced by Fiona Symon and Saffeya Ahmed. Our show was mixed by Kelly Garry. Additional help from Michael Lello and David da Silva. Our executive producer is Topher Forhecz. Cheryl Brumley is the FT’s Global Head of Audio. The show’s theme music is by Metaphor Music.Read a transcript of this episode on FT.comView our accessibility guide.

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