European Gas Prices Rise 3% Amid US-Iran Standoff Over Hormuz Shipping
Source Summary
European natural gas prices rose 3% to $84.30 per MWh at the Dutch TTF benchmark on Thursday as the United States and Iran remain at odds over ending the conflict and resuming LNG shipments blocked at the Strait of Hormuz. Prices surged 4% at market open before easing slightly but remained elevated. The front-month contract peaked at $93 per MWh earlier this month.
Why it matters
Blocked LNG shipments at a critical chokepoint directly constrain Europe's gas supply and raise energy costs for consumers and industry across the continent.
What remains uncertain
The source does not specify the timeline or conditions under which the US and Iran might resolve their standoff or when Hormuz shipping might resume.
