EMEA Natural Gas Update: Prices Rise on Renewed Conflict in Persian Gulf

European natural gas futures extended earlier gains and in after-hours trading on Wednesday after a fragile ceasefire between the US and Iran effectively collapsed following a new wave of military strikes, escalating tensions in the Persian Gulf and raising concerns about energy supply disruptions. The front-month Dutch TTF contract rose by 5.387% to 49.085 euros ($55.98) per megawatt hour, while the UK NBP front-month contract gained 4.966% to 116.250 British pence ($1.55) per therm. The gains extended Wednesday's rally, which pushed European gas prices to their highest level in nearly a month after renewed military activity on July 7-8, Trading Economics said. US forces carried out preemptive and retaliatory airstrikes on more than 80 targets across southern Iran, prompting Iran's Islamic Revolutionary Guard Corps to launch retaliatory ballistic missile and drone attacks against US military bases in Kuwait and Bahrain, news outlets reported. The renewed hostilities have disrupted commercial shipping lanes in the Persian Gulf and prompted several regional states to activate air defense systems. Adding to market uncertainty, Iranian media outlets affiliated with the Islamic.