Hormuz attacks drive European gas price surge

A Qatari LNG tanker, the Al Rekayyat, was struck by a projectile about 15 km off Oman’s coast near the Strait of Hormuz, igniting a fire on board. The incident heightened tensions on a key global shipping route and prompted immediate market reactions: European natural‑gas futures (TTF) jumped more than 5 % to over €46 per MWh, and Brent crude oil rose sharply. Shipping operators began altering routes, with many vessels opting for the U.S‑patrolled Omani corridor instead of the Iranian‑approved path.

The broader fallout of the Middle‑East conflict has been highlighted by the International Energy Agency, the IMF, the World Bank and the WTO, which warned that the war is creating sustained uncertainty for energy markets and global trade. Their joint report predicts a 0.5 % decline in world gas demand this year, citing tighter LNG supplies—about 20 % of global LNG passes the Strait of Hormuz—and record price spikes in Europe and Asia. Despite three recent tanker attacks, oil markets have remained relatively stable, but the combined pressure on gas supplies and prices is expected to affect European winter‑fuel planning and may tighten global economic conditions.