Gas prices in Europe are rising after the escalation of the US-Iran conflicts in the Persian Gulf region

Benchmark Dutch TTF natural gas contracts in Amsterdam gained 3.2% on Monday morning. and cost EUR 69.15 per MWh. Previously, their growth reached 4.2%. On Friday, prices fell by 1.9%.

Brokers indicate that investors are reacting to the resumption of exchanges of attacks between the US and Iran. This is the first such escalation in a month.

Attacks in the Strait of Hormuz area

On Sunday, US forces attacked Iranian missile launchers in the Strait of Hormuz area. According to US Central Command (CENTCOM) spokesman Tim Hawkins, Islamic Revolutionary Guard Corps (IRGC) forces were preparing on Larak Island to launch missiles with sea mines towards the strait.

Semi-official Iranian media then reported explosions near Larak Island. Iran responded to the US strike by firing ballistic missiles at US bases in Jordan. The Jordanian armed forces said they intercepted eight missiles that violated the country's airspace on Monday morning.

The Iranian army also announced an attack on an air base in the United Arab Emirates where American forces are stationed. Tehran described the actions as retaliation for Sunday's attack on Larak.

Europe under pressure before the heating season

Analysts point out that deliveries of liquefied natural gas (LNG) from the Persian Gulf region have virtually stopped over the past two months.

For European customers, the timing of price increases is particularly important. EU countries are replenishing supplies before the heating season that starts in October and are competing fiercely, including: with Asian countries to obtain LNG from the limited global pool of this fuel.