20.04.202606:43:31UTC+00UK Natural Gas Prices Rise Sharply

UK natural gas futures jumped more than 5% on Monday, climbing back above 100 pence per therm and recovering part of Friday’s losses. The move came after the Strait of Hormuz was again closed, reigniting fears of disruptions to energy shipments from the Persian Gulf.

The renewed blockade followed Iran’s reversal of its earlier stance, with Tehran citing “repeated breaches of trust” by the United States over the ceasefire. Tensions escalated further after US forces intercepted and seized an Iranian-flagged vessel, prompting Iran to launch drone strikes toward US naval assets and to warn that any ships attempting to transit the strait would be attacked.

The conflict has already disrupted roughly one-fifth of global LNG flows, though weaker demand from Asia has helped ease competition for cargoes. At the same time, National Gas recently signaled that domestic inventories should be adequate to meet summer demand and may even enable some exports to continental Europe.