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Hormuz tensions cause slight EU gas price rise
Natural gas prices in Europe rose by 1.6% following security tensions in the Strait of Hormuz and an attack on a cargo ship, amid concerns over navigation safety and a slowdown in gas storage filling ahead of winter. Although prices have recently declined, they are still 25% higher than before the outbreak of the war, driven by increased cooling demand in Asia and Europe. European gas storage facilities are currently only about 47% full, well below the seasonal average.
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