2026.07.1401:33:00UTC+00European Gas Extends Surge

European natural gas prices rose to about €52.8 per MWh on Tuesday, the highest level in more than three months, after President Donald Trump reimposed a blockade on Iranian ports and introduced a 20% surcharge on all other cargo transiting the Strait of Hormuz. The measures are scheduled to take effect at 4:00 p.m. EDT on Tuesday, quashing expectations of a near-term normalization in shipping activity through the key maritime chokepoint.

LNG exports from the Middle East had only recently begun to recover, with Qatar ramping up production and shipments following the US–Iran interim agreement in June. The renewed hostilities have abruptly reversed that progress, fueling worries about fresh disruptions to LNG flows from the region. Any such disruptions risk tightening global gas supplies just as Europe is racing to secure volumes and refill storage facilities ahead of the coming winter.