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What is the story about?
European Natural Gas prices surged in early Asia trading on Monday, April 13, after US President Donald Trump announced that the US will begin a full blockade of the Strait of Hormuz.
Gas prices have surged along with crude oil prices, while risk assets like equities, Gold and Silver have declined this morning.
The Dutch Title Transfer Facility futures are up 17%. Trading for this product can now be done for 21 hours instead of the usual 10 hours from Monday.
After talks that stretched the course on Saturday, delegations of both the US and Iran left Islamabad on Sunday without any concrete outcome. Shortly after, Trump announced that the US Central Command will begin blocking any ship headed to Iranian ports in the Strait.
Also Read: Dow futures fall nearly 550 points after US-Iran talks fail in Islamabad; WTI crude surges 8%
The Strait of Hormuz carries nearly 20% of the global energy supply, including LNG. While some oil supertankers traversed the strait over the weekend, LNG shipments haven’t yet made the journey.
There has been a near virtual blockade of the Strait already with only a handful of ships passing through the region in co-ordination with Iranian forces. There have also been reports of Iran charging a fee from these ships to ensure a safe passage.
Also Read: Crude oil prices surge, back above $100 after Trump threats on Strait of Hormuz
Gas prices have surged along with crude oil prices, while risk assets like equities, Gold and Silver have declined this morning.
The Dutch Title Transfer Facility futures are up 17%. Trading for this product can now be done for 21 hours instead of the usual 10 hours from Monday.
After talks that stretched the course on Saturday, delegations of both the US and Iran left Islamabad on Sunday without any concrete outcome. Shortly after, Trump announced that the US Central Command will begin blocking any ship headed to Iranian ports in the Strait.
Also Read: Dow futures fall nearly 550 points after US-Iran talks fail in Islamabad; WTI crude surges 8%
The Strait of Hormuz carries nearly 20% of the global energy supply, including LNG. While some oil supertankers traversed the strait over the weekend, LNG shipments haven’t yet made the journey.
There has been a near virtual blockade of the Strait already with only a handful of ships passing through the region in co-ordination with Iranian forces. There have also been reports of Iran charging a fee from these ships to ensure a safe passage.
Also Read: Crude oil prices surge, back above $100 after Trump threats on Strait of Hormuz
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