How the Iran war is affecting gas prices

Gas suppliers in Thuringia, Saxony and Saxony-Anhalt are currently not expecting any major price jumps for consumers in the short term as a result of the war in Iran. "Gas prices will not go up for all customers tomorrow just because there is a gas crisis in the Gulf," said André Ludwig, Managing Director of the Association of Municipal Companies in Thuringia. Municipal utilities always buy gas on a long-term basis. If there are any effects, they will be delayed.

Long-term effects still unclear

The supplier Sachsenenergie also said: "All gas for 2026 has already been paid for." The impact of the geopolitical situation is therefore minimal for customers. If the conflict and the blockade of the Strait of Hormuz, through which many energy supplies pass, only last a few weeks, there will be no impact on customer prices. Whether prices go up in 2027 depends on the duration of the conflict.

The Managing Director of the Association of Municipal Companies in Saxony-Anhalt, Thomas Micka, said something similar. "Anyone who has a signed contract will no longer pay from tomorrow." It remains to be seen to what extent there will be a greater impact on new contracts and follow-up contracts. He also assumes that electricity prices will change, as many power plants are dependent on gas.

This is the situation for industry

However, the price shifts could have a faster impact on industry, as Micka and Ludwig explained. Large companies have their own procurement strategies and buy directly from the market. In the gas crisis resulting from the Russian war of aggression against Ukraine, many consumers "slipped through" relatively lightly due to existing contracts, while industries suffered, Micka said.

Following the US and Israeli attack on Iran and the Iranian counter-attacks, wholesale gas prices have risen sharply.