European Gas Prices Soar to Three-Year High Amid Strait of Hormuz Disruptions

Brent crude oil prices are nearing $97 per barrel as European gas prices hit a three-year high, according to reports on September 7. The October gas futures contract on Amsterdam's TTF market stood at 74.755 euros per megawatt hour, down 0.23 percent on the day.

The Strait of Hormuz is causing delays in Qatari LNG shipments to Europe, contributing to lower stockpiles and higher prices. Gas storage across the European Union is about 62 percent full, below the five-year average for this time of year.

Since July 31, oil has gained more than ten dollars a barrel, and gas has climbed by nearly a third of its price. The euro was worth $1.1619 on September 7, up 0.04 percent.