European gas prices fall 18% in four days amid hopes for Iran resolution

European gas prices have fallen by 18% over the past four days as optimism grows for a resolution to the Iran conflict.

Europe is entering winter with natural gas reserves at their lowest level since 2013, which could prolong pressure on the global gas market through 2027, according to a report published by the International Energy Agency on Tuesday.

The agency reported that EU gas storage facilities were only 75 percent full at the end of October, marking the lowest level in more than a decade and falling well below the bloc’s minimum target of 80 percent.