Commodities
European Gas Prices Reach Three-Year High Amid US-Iran Tensions
The benchmark European gas contract hit its highest level in over three and a half years on Tuesday as tensions between the US and Iran disrupted liquefied natural gas supplies from the Gulf region.
The price of European natural gas rose to €76.7 per megawatt-hour, up 4.5% from previous levels.
Qatar, one of the world's top LNG exporters, has halted shipments due to persistent disruptions in the Strait of Hormuz and invoked force majeure on cargoes bound for European and Asian markets through the autumn.
This reduction in LNG inflows has slowed down gas storage injections across Europe ahead of the heating season, leaving EU facilities approximately 66% full, below seasonal norms.