MOSCOW, September 24. /TASS/. Global gas prices continue to rise in 2026 due to the closure of the Strait of Hormuz, but are expected to decline by 40% by 2029 as LNG production increases, according to a document published on the Russian Economic Development Ministry’s website.

"Natural gas prices rose in 2025 amid a slowdown in Russian gas supplies to Europe and increased imports of more expensive LNG. In 2026, natural gas prices continue to rise amid a global drought, the closure of the Strait of Hormuz, and damage to key LNG infrastructure in the Middle East," the document said.

However, prices are expected to decline by around 40% from 2025 levels by 2029, driven by the planned increase in global LNG production and the resumption of supplies from Persian Gulf countries, according to the forecast.

TASS previously reported, citing futures data from London’s ICE exchange and its own calculations, that the average gas price in Europe rose by 9% in 2025 to $422 per 1,000 cubic meters.

However, the average price since the beginning of this year stands at $598 per 1,000 cubic meters. The increase in gas prices has been driven by the ongoing Middle East conflict and record-low gas inventories in Europe ahead of the winter.

The average gas price in Europe stood at around $517 per 1,000 cubic meters in January 2025, up 53% year-on-year from 2024; $542 in February, up 88%; $467 in March, up 55%; $409 in April, up 28%; $412 in May, up 15%; $439 in June, up 14%; $410 in July, up 12%; $394 in August, down 10%; $393 in September, down 5.5%; $384 in October, down 16%; $368 in November, down 25%; and $334 in December, down 32%. In January 2026, the average price was $415 per 1,000 cubic meters, down 20% year-on-year from 2025; $396 in February, down 27%; $632 in March, up 35%; $544 in April, up 33%; $570 in May, up 39%; $534 in June, up 22%; $638 in July, up 55%; and $744 in August, up 89%.