The European benchmark Dutch TTF natural gas price for October 2026 delivery reached an intraday high of €70.85 per megawatt-hour on Monday, according to ICE data, as uncertainty over LNG supplies from the Gulf put upward pressure on prices.
On Sunday, US forces struck Iranian rocket launchers near the Strait of Hormuz, prompting Iran to retaliate by firing missiles at US forces in Jordan. The escalation threatens to cause further disruption to liquefied natural gas (LNG) exports, as the Strait of Hormuz, through which roughly one-fifth of global LNG trade normally passes, remains effectively closed.
