With the resurgence of the US-Iran conflict, expectations for the resumption of energy transportation in the Strait of Hormuz have cooled down in the short term, and European gas prices have risen for the third day in a row. Benchmark futures had the biggest increase of 4.3% on Wednesday, followed by some of the gains. Prices are still close to intraday highs since January 2023. European gas stocks are currently only 65%, the lowest level for the same period since records began in 2009; the region needs to attract more LNG shipments to replenish stocks before winter sets in.

With the resurgence of the US-Iran conflict, expectations for the resumption of energy transportation in the Strait of Hormuz have cooled down in the short term, and European gas prices have risen for the third day in a row. Benchmark futures had the biggest increase of 4.3% on Wednesday, followed by some of the gains. Prices are still close to intraday highs since January 2023. European gas stocks are currently only 65%, the lowest level for the same period since records began in 2009; the region needs to attract more LNG shipments to replenish stocks before winter sets in.