Europe’s Gas Prices Jump as Hormuz Standoff Drags On

Europe’s benchmark natural gas prices jumped by 4% at trade open in Amsterdam on Thursday, as the United States and Iran remain distant on how to end the war and put an end to the blocked LNG shipments at the Strait of Hormuz.

After surging 4% at open, the front-month price at the Dutch Title Transfer Facility (TTF), the benchmark for Europe’s gas trading, eased, but was still up by 3% at $84. 30 (74 euros) per megawatt-hour (MWh) as of mid-morning.