FX.co ★ UK Gas Prices Climb

UK natural gas prices climbed to 99.4 pence per therm amid renewed supply concerns following the latest escalation of tensions in the Middle East. Shipping traffic through the Strait of Hormuz, which had been recovering in recent weeks, slowed again after a series of attacks on vessels since Thursday, including one targeting a Qatar-linked oil tanker. The incidents triggered retaliatory strikes by both the US and Iran over the weekend, marking the worst flare-up since the two sides signed an interim peace agreement. Still, Axios reported that Washington and Tehran have agreed to pause hostilities and resume talks in Qatar on Tuesday. Weather conditions also lent support to gas prices, as a heatwave across Europe drove up demand from power generators to meet higher cooling needs.