European natural gas extended its rally for a fourth consecutive session, climbing toward €55 per MWh on Thursday, the highest level since March 30, as continued US attacks on Iran heightened fears over LNG flows from the region.
Following the reimposition of its naval blockade, the US launched another round of strikes targeting Iran's coastal defenses and missile sites and said it had fired on an empty oil tanker en route to an Iranian port.
Tehran responded by warning it could disrupt more regional energy exports, describing the conflict as an "existential war" with the US. The latest escalation comes at a particularly sensitive time for Europe, which is in the middle of refilling its gas facilities ahead of winter.
Any renewed disruption to Persian Gulf supplies would force European buyers into more intense and costly competition with Asian importers for available LNG cargoes.