European gas climbs above €64 as Hormuz shipping stays shut

European natural gas prices rose above €64 per MWh on Thursday as restrictions on shipping through the Strait of Hormuz continued to raise concerns over global LNG supplies.

President Donald Trump vowed on Wednesday to impose “tremendous punishment” on countries that help or do business with Iran, ramping up economic pressure on Tehran to reopen the critical waterway.

His threats came a day after he said there were no ongoing talks and that the naval blockade of Iran remained in force, while Tehran maintained that the waterway remained closed.

The blockade has halted Qatari LNG deliveries, forcing European utilities to compete aggressively for available cargoes in an already tight global market.

Reduced LNG inflows, combined with heatwave-driven cooling demand, have slowed Europe’s seasonal gas storage injections.

This has amplified concerns that Europe could enter the winter heating season with insufficient reserves, keeping upward pressure on gas prices.