European Natural Gas Prices Surge to Post-Iran War High Amid Strait of Hormuz Disruptions

According to the International Desk of Webangah News Agency, natural gas prices in Europe have surged to their highest level since the commencement of the war in Iran. This development comes as the closure of the Strait of Hormuz has significantly impacted global fuel supply, disrupting approximately 20 percent of the world’s fuel cycle. The situation is exacerbated by a slowdown in Europe’s gas reserve growth and a rise in demand from Asia. The United Kingdom’s Maritime Trade Operations Centre reported on Friday that vessel traffic originating from or destined for the Persian Gulf has decreased to four percent of its pre-conflict levels.