2026.03.0208:43:05UTC+00Natural Gas Prices in Europe Soar More Than 20%

European natural gas futures jumped more than 22% to above €39/MWh on Monday, approaching their June highs, as escalating disruptions in the Strait of Hormuz heightened fears over global LNG supply. The rally tracked broad gains across energy markets following a series of US and Israeli strikes on Iran and subsequent retaliatory attacks by Tehran on targets in the region. Tanker movements through the Strait of Hormuz have largely ground to a halt, and multiple shipping companies are now rerouting vessels away from the key chokepoint as a precaution. The strait handles around 20% of global LNG trade, including major exports from Qatar, which provides roughly 15% of Europe’s LNG imports. A sustained disruption would likely hit Asian buyers as well and increase demand for US LNG, further tightening the global gas market and feeding through to European prices. These risks are magnified by relatively low EU gas storage, currently below 31%, compared with about 40% at the same point last year.