European natural gas futures rose above €44 per MWh on Thursday, extending gains for a fourth straight session amid fears of prolonged disruptions to LNG deliveries to Europe. Stalled peace negotiations and an open-ended ceasefire extension between the US and Iran have kept tensions elevated, leaving the Strait of Hormuz in gridlock. Iran has kept the Strait closed to most international shipping, with its forces reportedly firing on commercial vessels in the waterway on Wednesday. At the same time, the US has maintained a blockade on ships traveling to and from Iranian ports. Since the conflict began in late February, LNG exports from the Persian Gulf have effectively come to a halt, disrupting roughly one-fifth of global supply. This has raised serious concerns for Europe, particularly as the region needs to rebuild gas stocks ahead of winter.
