U.S.-Iran Tensions Threaten Global LNG Supply, Impacting European Gas Prices
European wholesale natural gas prices have surged to their highest levels in nearly four months due to escalating military tensions between the United States and Iran. The conflict has raised fears of a potential closure of the Strait of Hormuz, a critical chokepoint for global liquefied natural gas (LNG) flows. The Dutch TTF gas contract, a European benchmark, rose to 55.65 euros per megawatt-hour, while the British equivalent increased to 134.26 pence per therm. The situation has been exacerbated by recent U.S. air strikes on Iranian coastal defense targets, prompting Tehran to warn of disruptions to regional energy corridors. Major Middle Eastern exporters, including Qatar, have begun altering LNG vessel movements near the Strait due to heightened threats, affecting roughly a fifth of the world's LNG supply. 
