US natural gas futures rose about 6% on Friday, reaching a three-week high as markets priced in expectations of stronger demand over the next two weeks alongside escalating geopolitical tensions between the United States and Iran.
Natural gas contracts for April delivery on the New York Mercantile Exchange increased by 18.3 cents, or 6.1%, settling at $3.186 per million British thermal units, the highest closing level since February 13, 2026.
The price gains were also supported by a broader increase in global energy prices as the Middle East conflict intensified supply risks across commodity markets.
Although the shutdown of liquefied natural gas export production in Qatar reduced global LNG supply by roughly 20%, US gas prices were less affected than markets in other regions.
Analysts explained that the US already exports most of its LNG production capacity, meaning that supply constraints elsewhere do not necessarily allow American producers to significantly expand export volumes.
Market forecasts indicate higher natural gas consumption over the coming two weeks compared to earlier projections, reflecting seasonal demand factors and heightened energy market uncertainty.
US gas prices rose about 11% this week, compared with a much sharper increase of 54% in Europe, where supply disruptions and geopolitical risks have had a stronger impact on energy costs.
Energy analysts warned that continued tensions in the Middle East could keep gas markets volatile in the near term, particularly if shipping routes and regional production facilities remain under pressure.
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