European natural gas prices extended their rally on Thursday, climbing to €49.4 per MWh and hovering near a one-month high. The latest escalation in US-Iran tensions has intensified concerns over potential disruptions to LNG supplies from the Persian Gulf.
US forces conducted additional strikes on Iran on Wednesday night, shortly after President Trump announced the end of the eight-week ceasefire. In turn, Iran vowed a major retaliatory operation targeting US military bases across the region.
The flare-up followed Iranian attacks on vessels in the Strait of Hormuz, which prompted Washington to reimpose sanctions on Iranian oil exports. Any renewed disruption to energy flows through the strait — a critical transit corridor for roughly one-fifth of global oil and LNG trade — could complicate Europe’s efforts to refill gas storage sites to adequate levels ahead of the heating season.
