European Natural Gas Prices Rise by More Than 4%
European natural gas prices rose by more than 4% after Iranian President Masoud Pezeshkian confirmed he would not allow freedom of navigation in the Strait of Hormuz as long as sanctions remain, weakening hopes for a return of energy flows.
Translated by Qiyas from الجريدة — Original source
European natural gas prices rose today after Iranian President Masoud Pezeshkian reiterated the widening rift with Washington, dampening hopes that energy flows through the Strait of Hormuz would soon return to normal.
Futures for gas jumped more than 4% before slightly trimming their gains, following a decline earlier in the day, amid sharp volatility this week as traders weighed geopolitical developments against Europe’s efforts to replenish gas stocks ahead of winter.
Speaking before the United Nations General Assembly, Pezeshkian stated that Tehran would not allow freedom of navigation through the Strait of Hormuz as long as U.S. sanctions and blockade remain in place, dispelling early signs of diplomatic progress that had emerged earlier in the week.
Although there are indications that more oil shipments are passing through the strait, liquefied natural gas (LNG) flows remain limited due to their reliance on specialized tankers and their heightened exposure to security risks in this vital waterway.
