UK Gas Prices Jump

UK natural gas prices rose nearly 3% to around 120.5 pence per therm on Monday, recovering from the previous session’s losses as a new round of attacks between the US and Iran heightened concerns over LNG shipments through the Strait of Hormuz. The US Central Command said American forces launched another wave of strikes on dozens of targets across Iran, aimed at weakening Tehran’s ability to threaten maritime traffic through the strategic waterway. Iran retaliated by attacking countries in the region hosting US military forces, including Kuwait, Bahrain, and Jordan. Meanwhile, President Donald Trump said the strait remains open, although Iran had earlier announced that it had closed the passage “until further notice.” Market participants remain on high alert, as any prolonged conflict or direct damage to LNG export infrastructure in the Gulf could complicate Europe’s efforts to replenish storage ahead of the heating season.

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