Natural Gas Prices in Europe Soar More Than 20% in Oil & Companies News 02/03/2026 European natural gas futures surged more than 22% to above €39/MWh on Monday, nearing their June highs, as mounting disruptions in the Strait of Hormuz raised concerns over global LNG supplies. The rally mirrored broader strength across energy markets after the US and Israel launched a series of strikes on Iran, prompting retaliatory attacks by Tehran against targets in the region. Tanker traffic through the Strait of Hormuz largely stalled, and several shipping companies have begun rerouting vessels away from the narrow passage as a precaution. The strait accounts for roughly 20% of global LNG trade, including key exports from Qatar, which supplies about 15% of Europe’s LNG imports. Any prolonged disruption would likely affect Asian buyers as well and boost demand for US LNG, further tightening the global gas market, with spillover effects for Europe. The risks are compounded by relatively low EU gas storage levels, currently below 31%, compared with 40% at the same time last year. Source: Trading Economics 2026-03-02 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share