European Natural Gas Futures Surge to €48.2/MWh This Week, Up Over 9% Amid Iran-U.S. Tensions

European natural gas futures surged to €48.2 per megawatt-hour this week, gaining over 9%, as market concerns about extended supply disruptions intensified. The spike stems from ongoing tensions between the United States and Iran around the Strait of Hormuz, a critical energy transit route. Approximately one-fifth of global liquefied natural gas supply has been disrupted since the conflict escalated in late February. Iran reported that around 30 vessels have successfully transited the strait, yet negotiations between the U.S. and Iran over a draft peace proposal remain unresolved, keeping regional tensions elevated. The supply pressure is intensifying global competition for gas shipments and raising concerns across Europe, particularly regarding winter inventory replenishment.