European natural gas prices rose to €41.7 per MWh on Monday, extending Friday’s gains as the latest flare-up in the Middle East reignited supply concerns. Shipping traffic through the Strait of Hormuz has slowed following fresh attacks on vessels since Thursday, including a Qatar-linked oil tanker. This prompted retaliatory strikes by the US and Iran in the most severe escalation since the two sides signed an interim peace agreement. However, Axios reported that the two countries have agreed to suspend further attacks and resume negotiations in Qatar on Tuesday. Weather conditions also supported gas prices, as a heatwave across Europe boosted gas demand from power generators to meet increased cooling needs.

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