European natural gas prices have climbed approximately 25% since the start of July, driven by intensifying attacks on tankers in the waters surrounding the Strait of Hormuz.
The disruption to this critical maritime chokepoint has reignited fears of prolonged supply constraints for liquefied natural gas (LNG) shipments destined for Europe, pushing benchmark prices sharply higher in the session.
The volatility reflects a broader repricing of shipping risk across global energy trade routes.
As commercial vessels face heightened threats in the Persian Gulf, traders are adjusting forward curves to account for potential delays, rerouting costs, and insurance premiums.
The immediate impact is visible in the TTF benchmark, which has extended its recent gains as market participants hedge against the possibility of sustained physical supply shortfalls.
Analysts suggest the disruption could persist for months.