European gas steadies near €79/MWh after Iran attacks 10 ships
European natural gas prices steadied at €79/MWh on Thursday, hovering close to the highest level in more than three years. The moves come amid rising concerns over gas supply after Iran attacked 10 ships near the Strait of Hormuz and warned of stepped-up strikes if Washington continued attacks on its territory.
European natural gas prices steadied at €79/MWh on Thursday, remaining near their highest level in more than three years as supply concerns persisted. Europe’s gas inventories are still below historical norms, while attacks in the Middle East continue to disrupt LNG shipments through the Strait of Hormuz, a route that handles roughly 20% of global gas flows, mainly from Qatar. Iran said it had attacked 10 ships near the strait and warned it would step up strikes if Washington kept attacking its territory. Maintenance in Norway and lower Algerian flows to Italy are also limiting pipeline supply to Europe.
The supply risks come as Europe nears the end of its summer storage injection season, which could intensify competition for global gas supplies during the winter.