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European Gas Prices Soar Amid Ongoing Strait of Hormuz Tensions

Guavy AI Editorial Team
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Natural Gas
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European natural gas prices surged on Monday as tensions between Iran and Oman over reopening the Strait of Hormuz showed no signs of easing.

Benchmark futures rose by as much as 8.9% after Iran said an agreement was 'very close' but cautioned that a deal wouldn't immediately reopen the strait, tempering hopes for a swift restoration of global LNG flows.

The prolonged supply disruption sets Europe up for intense competition with Asia for fuel ahead of winter, when gas demand is expected to spike.

Citigroup Inc strategists expect storage levels to reach around 74% by the end of October if Middle East LNG exports gradually resume as of mid-August.

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