Gas prices in Europe rose for the sixth consecutive trading day amid geopolitical tensions in the Middle East region. The market is concerned about possible disruptions in the movement of tankers through the Strait of Hormuz — a strategically important route for the supply of liquefied natural gas (LNG).
Gas futures at leading European hubs rose to almost 40 euros per megawatt-hour, which was the highest level since April of this year. Market participants note that the situation in the region directly affects the price dynamics, given the significant share of LNG supplies from this direction.
Analysts warn that if shipping through the Strait of Hormuz is disrupted, gas prices may jump sharply. The greatest risks are expected for those European countries that are heavily dependent on LNG imports from the Middle East. The situation remains in the focus of attention of traders and regulators of the energy markets.
