European natural gas prices have soared, and the war situation in the Middle East has raised concerns in the market that global energy supply might suffer significant disruptions.
Bloomberg reported that due to the fact that oil tanker transportation in the Strait of Hormuz basically came to a standstill over the weekend, the benchmark natural gas futures price soared by 25% at one point, marking the largest increase since August 2023.
This narrow waterway connecting the Persian Gulf and the Gulf of Oman carries approximately 20% of the world's liquefied natural gas (LNG) exports. Additionally, international oil prices have also risen significantly.
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