European gas prices rise amid Hormuz tensions

European natural gas prices climbed on Saturday as heightened security concerns around the Strait of Hormuz and an attack on a commercial vessel renewed fears over potential disruptions to global energy supplies.

Europe’s benchmark gas futures rose 1.6 percent, reversing losses recorded over the previous two trading sessions. Prices remain more than 25 percent higher than levels seen before the latest regional tensions escalated.

The Strait of Hormuz is one of the world’s most critical energy transit routes, handling nearly 20 percent of global oil and liquefied natural gas (LNG) shipments. Any disruption in the waterway raises concerns over supply security and market stability.

Meanwhile, several empty LNG carriers were reported waiting near Qatar’s main export terminal to load new cargoes, highlighting continued caution among shipping operators.

At the same time, summer heatwaves across Europe and Asia have increased demand for air conditioning, boosting LNG consumption. The stronger seasonal demand could force European buyers to pay higher prices to secure sufficient gas supplies.

European gas storage facilities are currently just over 47 percent full, below the seasonal average for this time of year, adding to concerns over supply adequacy ahead of the winter heating season.