Global energy markets have become increasingly unstable due to the ongoing war involving Iran, with the United Kingdom now facing a sharp decline in its natural gas reserves. According to National Gas data, as of last Saturday, the UK held about 6,999 gigawatt-hours of gas, down from 9,105 gigawatt-hours a year earlier. The country’s storage capacity can normally cover up to 12 days of demand, but current reserves are sufficient for less than two days.

National Gas stated that despite low reserves, the UK continues to receive regular gas supplies from multiple sources, including domestic offshore fields, Norway, liquefied natural gas (LNG) imports, European interconnectors, and stored gas. The Department for Energy Security and Net Zero also said that claims of only two days of gas are not entirely accurate, expressing confidence in the country’s energy security.

The conflict has disrupted global gas shipping routes, with several vessels diverting from Europe to Asia. Following U.S. and Israeli airstrikes on Iran and the closure of the Strait of Hormuz, gas prices in the UK surged from 78.5 pence to about 137 pence per therm, adding pressure to the domestic energy market.