15.05.202606:20:35UTC+00European Gas Prices Climb Further

European natural gas futures extended their gains to around €48.2 per MWh and were poised for a strong weekly advance, as fears mounted over prolonged supply disruptions. President Donald Trump warned Iran to accept a deal or face “annihilation,” indicating his patience with Tehran was running out. In response, Iran noted that roughly 30 vessels had managed to transit the Strait of Hormuz.

These developments followed the failure of the US and Iran to reach agreement on a US-drafted peace proposal, keeping tensions elevated around this critical maritime chokepoint. Since the conflict began in late February, about one-fifth of the world’s LNG supply has been disrupted. Although most gas exports from the Persian Gulf are usually destined for Asia, the resulting shortfall has tightened global supply and intensified competition for available cargoes.

The supply squeeze has raised serious concerns in Europe, which must rebuild gas inventories ahead of the winter heating season. European gas prices have already climbed more than 9% so far this week.