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European natural gas prices climbed to €55.7 per MWh on Friday, the highest in nearly four months, amid increasing threats to Persian Gulf supplies as US-Iran attacks intensified. The US carried out another round of strikes on Iran on Thursday, following previous attacks that struck an unladen oil tanker bound for Iranian ports after the reimposition of a blockade. Tehran has countered with attacks targeting US military bases in neighboring countries and has reportedly called Yemen’s Houthi rebel group to shut the Red Sea export route if Washington targets Iranian power infrastructure. EU gas prices have surged over 14% this week and more than 27% so far in July, erasing an over 14% decline in Q2, as supply disruptions and stronger power generation demand constrain Europe’s ability to rebuild inventories before winter. Supply concerns were exacerbated after Qatar, the Middle East’s largest LNG exporter, halted plans to boost production after one of its tankers was attacked near Hormuz.
