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European natural gas jumps as Hormuz tensions disrupt LNG
The Dutch TTF August 2026 contract rose 3.35% to $59.51 per MWh, after Qatar suspended maritime activity that could affect LNG exports from Ras Laffan.
European benchmark natural gas prices rose after renewed escalation over the Strait of Hormuz threatened LNG shipment routes out of the Middle East. OilPrice said the Dutch TTF Natural Gas Futures, August 2026 contract, opened up 3.0% on Monday and was up 3.35% to $59.51 per megawatt-hour, rebounding above the 50-euro threshold.
The report linked the move to weekend tensions between the U.S. and Iran that slowed maritime traffic and prompted Qatar to take steps to protect its ships. OilPrice said crude oil prices and European natural gas prices climbed as shipping activity declined.
OilPrice added that the LNG export recovery had been underway as Qatar worked to boost output and shipments following a mid-June memorandum of understanding between the U.S. and Iran. The renewed hostilities interrupted that progress, with Qatar issuing an urgent advisory urging maritime vessels to temporarily cease sailing and maritime activity.
According to OilPrice, maritime intelligence firm Windward said the advisory amounted to the first blanket suspension of maritime activity by a Gulf state since the conflict began, with direct implications for LNG export flows from Ras Laffan. The report noted that further disruption could extend volatility in European gas prices.
Latest closeWTI crude $71.51 ▼0.8%|Nat gas $2.948 ▼2.1%