European natural gas futures climbed more than 3% toward €52/MWh on Monday, as markets remained focused on the risk of prolonged supply disruptions amid the deepening conflict in the Middle East. Iran launched retaliatory strikes on Israel and several Arab states after the US targeted military installations on Kharg Island, a key hub that handles most of Iran’s oil exports. The escalation has heightened concerns over ongoing instability and is expected to further delay the reopening of the Strait of Hormuz, a critical chokepoint for global shipping.
In response, US President Donald Trump called on other countries to help secure safe passage through the Strait, and media reports suggest the administration is preparing to announce, as early as this week, that a number of nations have agreed to form a coalition to escort commercial vessels through the area. At the same time, European Union foreign ministers are due to discuss expanding a small existing naval mission in the Middle East, underscoring growing international efforts to safeguard energy and trade flows.
