Hormuz Tensions Spark Natural Gas Price Spike

European natural gas prices surged on Friday, reaching above €58 per MWh, as tensions in the Strait of Hormuz raised uncertainty over LNG flows from the Persian Gulf.

Iranian state media reported that naval forces conducted an operation against 'hostile targets' near the strait following explosions heard on Qeshm Island.

Tehran is seeking to restrict US and Israeli vessels from transiting the waterway under a proposed agreement with Oman, while demanding compensation from countries it considers hostile before allowing passage.