Commodities
Hormuz Blockade Sends European Gas Prices Soaring Above €64
European natural gas prices have risen above €64 per MWh as concerns over global LNG supplies continue due to restrictions on shipping through the Strait of Hormuz.
US President Donald Trump's vow to impose 'tremendous punishment' on countries that help or do business with Iran has increased economic pressure on Tehran to reopen the critical waterway.
The blockade has halted Qatari LNG deliveries, forcing European utilities to compete aggressively for available cargoes in an already tight market.
Reduced LNG inflows and heatwave-driven cooling demand have slowed Europe's seasonal gas storage injections, raising concerns that insufficient reserves could leave the continent vulnerable during winter heating season.