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Energy Supply · Geopolitics · Hormuz · Natural Gas
European natural gas prices, specifically the Dutch TTF benchmark, rebounded over 2.5% to €46.3 ($54) per megawatt-hour on Thursday, as Iranian media reports and renewed disruptions in the Strait of Hormuz cast doubt on a US-brokered ceasefire between Tehran and Washington, rekindling global fuel supply concerns.
Prices initially plunged 20% to below €43 on Wednesday following the ceasefire announcement. Sentiment shifted after Tasnim News Agency reported Iran could withdraw from the ceasefire if Israel continued violations in Lebanon.
Iranian media also reported a halt in oil tanker transit through the Strait of Hormuz due to Israeli strikes on Lebanon, despite two tankers passing safely earlier. Tasnim later reported "huge numbers" of vessels stuck, and Iran's state broadcaster IRIB quoted the Ports and Maritime Organization stating vessels must coordinate with the Islamic Revolutionary Guard Corps Navy.
EU Commission spokesperson Anna-Kaisa Itkonen stated the energy price crisis "will not be short-lived," indicating no quick return to stable energy markets.
Oil prices nudged below $95 a barrel and U.S. stock futures were flat in placid early European trade, amid investor optimism around U.S.-Iran peace talks this week.
