European natural gas prices rise 8% amid Strait of Hormuz closure concerns

BASRA, Iraq — European natural gas prices climbed 8% on Monday, driven by the continued closure of the Strait of Hormuz in the Persian Gulf and disruptions to gas exports from the region. As European countries race to refill storage ahead of the coming winter, storage levels fell to 57% this month, the lowest recorded since 2011. The International Energy Agency warned in July that possible delays in the resumption of gas exports from the Gulf region could prolong supply shortages. The agency said the situation would affect gas-importing nations, including European countries working to fill their storage facilities before winter. Analysts have linked the price increase directly to the Strait of Hormuz remaining shut, disrupting the flow of gas from the Gulf. No further details on the duration of the closure or its impact on specific supply contracts were immediately available.