Iran-US Tensions Send European Gas Prices Soaring

European natural gas prices surged on Thursday after Iran's president highlighted the ongoing tensions between his country and the US, dimming hopes for a speedy normalization of energy flows through the Strait of Hormuz.

The price jump was driven by benchmark futures, which rose as much as 4.2% after declining a day earlier. This volatility reflects traders' uncertainty about the impact of escalating geopolitical tensions on Europe's gas supply ahead of winter.

As the war continues to drag on, Iran's president emphasized the significant gap between Tehran and Washington, suggesting that energy flows through the crucial Strait of Hormuz may not normalize soon.