European natural gas futures rose to €55.8 per MWh on Monday, a 73% surge so far in March and putting it on track for the strongest monthly gain since September 2021. The rally has been driven by fears of deeper supply disruptions as the conflict in the Middle East widens. Iran-backed Houthi militants in Yemen have joined the war, launching their first attack on Israel, while the US has deployed thousands of troops to the region, raising fears of further escalation that could disrupt more supplies. The war has all but halted LNG shipments through the Strait of Hormuz and led to the shutdown of the world’s largest LNG plant in Qatar, leaving Europe scrambling to replace supplies from the Gulf. Europe’s gas storage is critically low at around 28%, raising concerns that the bloc may struggle to refill inventories ahead of the next heating season. Experts warned that energy shortages could emerge within weeks if LNG shipments do not resume.

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