TTF Prices Climb to Over 3-Week High

European natural gas prices rose further to €50.3 per MWh, the highest in over three weeks, as escalating attacks between the US and Iran threatened to undermine efforts to end the conflict. The US launched new strikes on several targets in Iran for a second straight day after President Donald Trump accused Tehran of delaying peace talks. Iran responded by completely closing the Strait of Hormuz to all maritime traffic and reportedly struck two vessels transiting the key waterway. The latest US attacks followed earlier strikes carried out in retaliation for the downing of an American helicopter off the coast of Oman, which Trump blamed on Tehran. The renewed hostilities risk prolonging disruptions to energy flows through the strait, which handles around one-fifth of global LNG supplies. For Europe, the primary concern is replenishing gas storage ahead of next winter, as the conflict tightens global supplies and intensifies competition for LNG cargoes.