European natural gas jumped at Monday’s open after renewed U.S.-Iran tensions over the Strait of Hormuz threatened Middle East LNG shipments and pushed Qatar to halt all maritime activity. The move ended a fragile recovery in Qatari exports and reignited supply worries as Europe races to refill storage before winter.
European natural gas prices opened 3% higher on Monday after a weekend escalation over the Strait of Hormuz threatened LNG shipments out of the Middle East. The August 2026 Dutch TTF Natural Gas Futures contract jumped 3.35% to $59.51 (50.43 euros) per megawatt-hour as of 6:15 a.m. Amsterdam time, climbing back above the 50-euro threshold after a decline on Friday.
Hormuz tensions drive the surge
Reignited tensions between the U.S. and Iran, centered on the navigability of the Strait of Hormuz, drove a surge in both crude oil and European gas prices as traffic slowed to a trickle. In response, Qatar announced a halt to all maritime activities.
Middle East LNG exports had only just begun to recover, as Qatar moved to boost production and shipments following the mid-June memorandum of understanding that the U.S. and Iran signed. But the renewed hostilities cut that recovery short, prompting Qatar to take extraordinary measures to protect its ships.
Qatar’s blanket suspension hits Ras Laffan
Maritime intelligence firm Windward described it as the first blanket suspension of maritime activity by a Gulf state since the conflict began, with direct implications for LNG export flows from Ras Laffan, the firm said in a note on Sunday.
A renewed disruption of Qatar’s exports could tighten the global market just as Europe scrambles to refill gas storage before the next winter. The refilling season leaves Europe exposed to gas price volatility and could prove more difficult and much more expensive to complete, as Asia now attracts the bulk of spot LNG supply.
Source: OilPrice.com
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