European natural gas hits a four-month high as the Hormuz standstill and delayed Qatari LNG lift prices

Europe's benchmark natural gas index, the Dutch TTF, rose to nearly 60.5 euros per megawatt-hour in trading on Tuesday, 21 July 2026, its highest level in about four months, before paring some of the gain to around 58.5 euros. The index had already climbed above 56 euros on Monday, 20 July.

According to reports, European gas prices have risen more than 15 percent this week and more than 29 percent since the start of July. The main driver is the escalating US-Iran war and the effective standstill of tanker traffic through the Strait of Hormuz, which has delayed a recovery in LNG exports from Qatar, the world's largest exporter, and intensified competition between European and Asian buyers for cargoes. Qatar had earlier paused its plans to increase output after an attack on an LNG tanker in early July. Elevated gas prices ahead of winter make it harder for Europe to refill its storage.