Commodities
European Gas Prices Soar Amid Middle East Tensions and Strait of Hormuz Concerns
European natural gas prices have reached their highest levels since early 2023 due to concerns over military tensions in the Middle East.
The surge is driven by worries that escalating hostilities involving Iran could disrupt energy shipments through the Strait of Hormuz, a critical passage for global liquefied natural gas (LNG) flows.
Benchmark Dutch TTF gas futures have exceeded EUR75 per megawatt-hour, while British wholesale gas contracts rose to 186 pence per therm as traders factored in a geopolitical risk premium.