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IPC Index — Mexico MarketEuropean natural gas futures jumped over 4% to €52.3 per megawatt-hour on Tuesday, following US President Donald Trump’s escalated threats against Iran if his conditions for reopening the Strait of Hormuz are not met by his 8 p.m. Eastern Time deadline. Trump warned that US forces could destroy “every bridge in Iran by midnight tomorrow” and render power plants “burning, exploding, and never to be used again.” He stressed that freedom of navigation through the Strait must be guaranteed, calling its reopening “a very big priority.” European gas, now just over 28% of storage capacity, faces pressure from potential prolonged supply disruptions. While most Middle East LNG usually heads to Asia, continued curbs could intensify competition for the limited global pool. Traders note that Iran has yet to permit any LNG carriers through the strait during the war, sharply reducing traffic and leaving roughly one-fifth of global LNG output offline, fueling price spikes across Europe.
