European natural gas prices climbed to their highest level since December 2022. The benchmark Dutch TTF contract rose above €90 per megawatt-hour.
Escalating tensions between the U.S. and Iran have fueled fears of widespread disruptions to liquefied natural gas (LNG) supplies. Attacks on energy infrastructure and shipping in the Middle East have severely restricted LNG transit through the critical Strait of Hormuz.
The disruption is compounding concerns as Europe heads into the winter heating season with natural gas storage below its five-year average. This is intensifying competition for available LNG cargoes.