Hormuz Tensions Keep UK Gas Prices Elevated

UK natural gas prices surged past 140 pence per therm on Monday as supply concerns persisted due to disruptions in shipping through the Strait of Hormuz.

The waterway, a key route for liquefied natural gas (LNG) shipments from major exporters like Qatar, remains congested amid ongoing tensions between Iran and Oman. While a deal is reportedly close, Tehran has cautioned that it does not mean an immediate reopening of the strait.

Iran's demands for Washington remain unmet, ruling out direct negotiations with the US. The uncertainty has kept global supply balances tight, intensifying competition among buyers for available cargoes and hindering Europe's winter stockpiling efforts.