Hormuz Strait Disruption Pushes European Gas Prices Up More Than 5%
Continued disruption to maritime navigation in the Strait of Hormuz has pushed gas prices in Europe up by more than 5%, with the benchmark crossing 80 euros per megawatt-hour for the first time since 2023.
Al Jazeera reported that oil prices also rose by more than 3% as instability persisted along this strategic route. According to the report, Brent crude climbed above $101 a barrel and US crude passed $96 a barrel.
The Russian newspaper Izvestia had earlier reported that Europe’s fuel market was facing growing instability. The paper said the market is now dependent on gas supplies from the United States and Norway for as much as 60%.
Izvestia also quoted experts as warning that, in addition to a possible fuel shortage this winter, a fresh wave of price increases could place further pressure on Europe’s energy market.
The Strait of Hormuz is considered one of the world’s most important energy passages, and any disruption to maritime traffic along this route usually leads to immediate fluctuations in oil and gas prices in global markets.
