European gas prices rise after attack on cargo ship in Strait of Hormuz

European natural gas prices edged higher on Friday after an attack on a cargo ship in the Strait of Hormuz, reviving concerns about maritime security along the strategic waterway. Benchmark front-month gas futures gained 1.6 percent, recovering from declines in the previous two sessions. Prices remain more than 25 percent above pre-war levels, even though they have traded in a narrow range since the start of the week. Analysts link the elevated levels to expectations that Europe will struggle to refill gas storage quickly ahead of winter. Off the coast of a major Qatari export terminal, empty LNG tankers have queued to load new cargoes, but Thursday's attack is limiting potential increases in shipments by raising doubts about safe passage through the strait. European gas storage levels are running slightly above 47 percent, below the seasonal average. Sharbel Abi Dahir, head of trading at Uniper's global commodities unit, said geopolitical risks have risen markedly and that the impact of such extraordinary developments can no longer be ignored.