Natural gas prices in Europe jump 6.4% as Strait of Hormuz closure continues - Sarmad
(Anadolu) – Natural gas prices in Europe jumped by 6.4 percent on Monday, as the closure of the Strait of Hormuz continued to disrupt supply chains, while European countries sought to bolster their reserves in preparatio
Translated by Qiyas from سرمد — Original source
(Anadolu) – Natural gas prices in Europe jumped by 6.4 percent on Monday, as the closure of the Strait of Hormuz continued to disrupt supply chains, while European countries sought to bolster their reserves in preparation for the upcoming winter.
Prices rose by 6.4 percent according to the benchmark European gas index, TTF, reaching 59 euros ($68) per megawatt-hour by 12:00 GMT.
The price increase comes as European countries strive to fill their gas reserves ahead of next winter, while storage levels in August fell to around 57 percent of storage capacity, the lowest since 2011.
Last July, the International Energy Agency warned that any further delay in resuming gas exports from the Gulf region signaled prolonged supply shortages.
The agency noted that this would affect importing countries, including European nations working to replenish their reserves in preparation for winter.
Since February 28, the region has witnessed waves of military confrontations and stalled negotiations between the United States and Iran, with the Strait of Hormuz emerging as a key issue linked to the crisis.
On that day, the United States and Israel launched a war against Iran, which resulted in the deaths of 3,000 people, according to Tehran, which retaliated with attacks in the region that killed Americans and Israelis.
