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European gas prices climb amid Strait of Hormuz disruptions
European natural gas prices have risen sharply, continuing their upward trend for the second consecutive week, due to threats of disruptions in the Strait of Hormuz and escalating geopolitical tensions with Iran, which threaten gas supplies during the winter season. Dutch futures contracts for the upcoming month reached their highest level since March 2026, while UK contract prices hit their highest in five months, as shipping activity through the Strait of Hormuz has significantly declined amid military tensions, hindering LNG flows. These developments are leading to expectations of continued price increases and a strain on Europe's gas reserves, which are currently around 60%, at a time when demand is rising as supplies are being reinforced in preparation for winter.
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