European natural gas prices rose to around €49.4 per MWh on Monday, recouping part of the previous session’s losses as renewed exchanges of attacks between the US and Iran heightened concerns over shipments through the Strait of Hormuz.
Over the weekend, Iran expanded its strikes to Qatar and the UAE, while the US carried out additional attacks on Iranian targets.
President Donald Trump stated that the strait remains open to commercial shipping, although Iran announced earlier that it had closed the waterway after a vessel using an unauthorized route was hit by a warning shot.
Market participants remain on high alert, as any prolonged conflict or direct damage to LNG export infrastructure in the Gulf could complicate Europe's efforts to replenish storage ahead of the winter heating season.