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UK natural gas futures jumped over 5% back above 100 pence a therm on Monday, recovering part of Friday’s decline after the Strait of Hormuz was closed once again, reigniting concerns over disruptions to energy flows from the Persian Gulf. The renewed blockade followed Iran’s reversal of its earlier position, citing “repeated breaches of trust” by the US regarding the ceasefire. Tensions escalated further after the US intercepted and seized an Iranian-flagged vessel, prompting Tehran to launch drone strikes toward some US military vessel and warn that ships attempting to pass the waterway would be attacked. The conflict has already disrupted around one-fifth of global LNG flows, although softer demand from Asia has helped reduce competition for cargoes. Also, National Gas recently indicated that domestic stocks should be sufficient to cover summer demand and could allow some exports to mainland Europe.
